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Home Latest News Market EToro USA Is The Latest Exchange to Suspend XRP Trading

EToro USA Is The Latest Exchange to Suspend XRP Trading

The U.S. division of the Israeli eToro crypto exchange is stopping XRP trading with its customers effective next month.

On Thursday, the exchange announced it would stop supporting XRP transactions or conversions for U.S. customers effective January 3, while customers will still withdraw XRP to other unaffiliated addresses from their eToro wallets. Since the Securities and Exchange Commission (SEC) sued Ripple earlier this month on charges that it has been offering XRP as an unregistered security for over seven years, it is the first crypto trading place to withdraw XRP support in the U.S.

Other exchanges for delisting or suspending XRP trading or markets include: Coinbase, Binance.US, Crypto.com, OKCoin, Ziglu, Wirex, Bittrex, Swipe, Wallet, Crosstower, Beaxy, OSL, Jump Trading, Galaxy Digital, Bitwise. Most of these services have withdrawn XRP from their U.S. markets or platforms only, while a few have globally suspended support.

According to the SEC suit, filed in the U.S. last week, since 2013, Ripple, CEO Brad Garlinghouse and Chairman Chris Larsen have sold about $1.3 billion in XRP in the District Court for the Southern District of New York. The SEC alleges that Ripple has not registered XRP as a security or that it is pursuing an exception for the token of which it maintains an escrow of almost 50 billion.

Ripple, for its part, has called the accusations ‘unproven,’ and in the coming weeks has vowed to file a response in court. The company based in San Francisco has consistently called the SEC’s suit a “crypto attack” in the U.S., with CEO Garlinghouse stating that the actions of the department “directly benefit China.”

According to public court records, a pretrial conference was planned for February 22, 2021, with the parties expected to submit a joint letter describing the case and the points each party expects to make, proposed motions and any potential mediation specifics the week prior.The SEC and Ripple must also file a joint letter by Feb. 15 stating whether both parties are willing to consent to having a magistrate judge oversee proceedings.

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SourceCoinDesk

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