Japanese Financial Behemoth SBI Group Launches XRP Lending
AI Trading

Although a number of crypto-related firms have turned their backs against the digital token XRP since the lawsuit filed by SEC a few days ago, some still have the trust of Ripple and XRP in their hearts.

Going by a statement released by the Japan-based financial services company, SBI Holdings, under Japanese law, XRP is not a security, but a cryptocurrency asset.

Read Also: Even If XRP Is Declared a Security, Ripple Would Still Succeed –Brad Garlinghouse

The statement comes after the United States Securities and Exchange Commission (SEC) charged Ripple to court for selling XRP to retail investors since 2013 while failing to register the digital asset as a security in the United States.

AI Trading

This claim was emphasized by SBI with a research article by Sadakazu Osaki of the Nomura Research Institute, which indicates that XRP is a cryptocurrency under Japanese law and not a security in the Asian country.

XRP Dips as OKCoin Suspends XRP Trading and Deposits

OKCoin, a US-based cryptocurrency exchange has announced its plan to suspend XRP trading and deposits on 4th January 2021 till further notice.

The exchange announced as follows:

“As the lawsuit proceedings take place, we have determined it is the best course of action to suspend XRP trading and deposits on OKCoin.”

According to the report, the exchange will suspend spot trading, margin trading, and deposits from 7:00 PM on 4th January 2021. The report added that users that borrowed XRP and USD should return the funds by 7:00 PM on 3rd January 2021.

Read Also: Cardano Founder Charles Hoskinson Says XRP Is Not a Security but Questions Its Mode of Distribution

“It is likely that this situation will take time to reach a resolution. We will proactively inform our customers when we have information that may change our position,” said OKCoin.

Speaking to The Block, the CEO of OKCoin, Hong Fang, said, “business decision taken in the best interest of our customers pending further guidance from the SEC on the case with Ripple.”

Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

AI Trading

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.