Bitstamp, one of the world’s most established cryptocurrency exchanges, has halted trading for XRP. The update comes in for all U.S. customers on Jan. 8, 2021.
XRP Suffers Another Blow
Bitstamp is pulling XRP trading and deposits for U.S. customers.
Following the Securities and Exchange Commission’s (SEC) allegations that XRP is a security, the exchange has announced that the token will no longer be listed on the platform. “In light of the SEC’s recent filing alleging XRP is a security, we are going to halt XRP trading and deposits for all U.S. customers,” a tweet read.
A post on their blog went into slightly more detail:
“We will closely follow the unfolding situation and continue to adapt accordingly. Our US customers will still be able to withdraw XRP from Bitstamp. Customers from other countries are not affected.”
The update will come into effect on Jan. 8, 2021.
It’s the latest in a series of devastating blows for Ripple. Since the SEC announced that it would be suing the company over the security status of its token, several serious allegations have surfaced in the official documents. The SEC has stated that Ripple failed to protect investors and profited over $1.38 billion by selling unregistered securities.
Other exchanges such as OSL have delisted XRP as a result of the SEC’s push against Ripple. The token has plummeted over 40% this week.