Sunday, April 18, 2021

Coinbase and Crypto.com Announce Suspension of XRP Trading and Deposits

Coinbase, the largest US-based cryptocurrency exchange and Crypto.com have announced their move to suspend the trading and deposits of XRP from 19th January 2020.

These came in response to the United States Securities and Exchange Commission (SEC)’s lawsuit against Ripple and its executives.

According to the blog post released by Coinbase, the trading of the digital asset will be suspended on 19th January 2021 at 10:00 AM PST, adding that the suspension may come earlier if necessary.

Read Also: XRP Goes Live On US-Based Leading Cryptocurrency Exchange PayBito

However, the report says that the suspension will not affect Ripple-backed Flare Network’s upcoming Spark (FLR) token airdrop.

As clarified by Grewal, “The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension.” He added that the exchange will continue to support XRP on Coinbase Custody and Coinbase Wallet.

Crypto.com Delisting XRP from Its App for U.S. Customers

In a blog post published a few hours ago, the cryptocurrency exchange, Crypto.com announced the delisting and suspension of XRP trading from its App in the United States.

The report says that the delisting will be effective from 19th January 2021 at 10 AM UTC. Customers in the U.S. will not be able to deposit XRP into the Crypto.com App starting from the earlier mentioned date, but the withdrawal of XRP from the Crypto.com App will not be affected.

Crypto.com says that the “U.S. based customers with XRP Earn deposits will have their XRP unlocked and moved to their Crypto Wallet on December 29th, 2020, 10 am UTC; interest will be paid up until this date.”

Read Also: XRP Dips as SEC Files Suit against Ripple for 7-Year $1.3 Billion XRP Sale

Howbeit, the exchange will continue to support the Spark (FLR) token airdrop, which is currently slated for the first half of the coming year.

It can be recalled that the crypto exchange OKCoin has also joined a number of other exchanges and crypto-related firms that have halted their alliance with XRP.


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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