Sunday, March 7, 2021
pool-ads
Home Latest News Altcoins US crypto exchange suspends XRP trading in light of SEC lawsuit

US crypto exchange suspends XRP trading in light of SEC lawsuit

A major United States-based cryptocurrency exchange has halted all XRP trading on its platform in the wake of the Securities and Exchange Commission’s ongoing lawsuit against Ripple Labs.

The PayBito exchange, which processed $1.1 billion worth of trades in 24 hours leading up to the time of publication, will suspend all XRP trading pairs, as announced on Feb.18. Four XRP trading pairs have historically been available on PayBito, with XRP/USDT trades proving the most popular.

Particularly, the trading suspension will not affect users’ holdings, and those with coins held on the exchange will still be able to transfer them out of the platform, said PayBito managing director Raj Chowdhury:

“Our decision for suspending XRP trading will certainly not affect our users’ access to factors like security and compliance, thereby allowing them to transfer XRP’s from their wallets to other exchanges.”

As reported by Cointelegraph, PayBito stated that it would continue to monitor the ongoing legal dispute between the SEC and Ripple Labs, suggesting it could reinstate XRP trading depending on the outcome of the lawsuit.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

Thailand’s largest movie theater chain accepts Bitcoin

0
According to a Thursday report by local news agency Siam Rath, Major Cineplex has declared the launch of its cryptocurrency payment pilot project in...