OKCoin suspends XRP trading and deposits

The cryptocurrency exchange OKCoin announced that it would delist XRP after it became known that the US Securities and Exchange Commission would take legal action against Ripple.

In a post today OKCoin said its “best course of action” in response to the recent SEC lawsuit would be to suspend XRP trading and deposits. The exchange wrote that the suspension would be for two days. Users who have borrowed XRP / USD through OKCoin must repay the borrowed value before January 3rd. The next day the exchange will stop spot trading, margin trading and deposits for XRP.

“This situation will likely take some time to resolve,” said OKCoin. “We will proactively inform our customers when we have information that could change our position.”

OKCoin suspends XRP trading and deposits
OKCoin suspends XRP trading and deposits

The position of OKCoin occurs after the The SEC will announce the charges against Ripple and CEO Brad Garlinghouse and co-founder Chris Larsen on December 22nd. The commission claims that the company and the executives attended one “Continuous supply of unregistered digital securities” for investors since 2013 through the sale of the XRP token. Garlinghouse answered saying What The SEC “voted to attack cryptocurrencies” and did “the opposite of” promoting innovation “in the United States.

Since the news of the SEC fees broke, the price of XRP has fallen more than 36%. Some exchanges have announced they will stop trading tokens, including OSL, Beaxy and CrossTower. The exchange of digital assetsCommon Crawl en Bitstamp also plans to suspend XRP trading, but only for users based in the US. However, the deletion of XRP on OKCoin, which was ranked 29th by CoinMarketCap, may be a precursor for major exchanges to follow.

At the time of this writingThe price of XRP was $ 0.28 after falling 3.5% in the past 24 hours.

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