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Coinbase announced it is suspending trading of XRP after SEC lawsuit

The company notes it will “continue to monitor legal developments related to XRP.”

coinbase app on phone
Image: KnowTechie

For those dabbling in cryptocurrency, Coinbase is one of the easiest and most straightforward ways to get into the game. Using the platform, you can buy and sell cryptocurrencies like Bitcoin and Ethereum. You could also buy the quickly-growing XRP, but that is now changing.

Announced on Monday, Coinbase said it would halt trading of XRP after the Securities and Exchange Commission (SEC) announced it was looking into the cryptocurrency’s creator, Ripple.

The SEC is looking into Ripple over a $1.3 billion unregistered securities offering by the company. Alongside the offering, the SEC has also charged two Ripple executives with profiting from the unregistered offering.

According to Coinbase, XRP trading was limited on December 28 and will be fully suspended on January 19. It will not affect any XRP that customers are holding in their crypto wallets.

Depending on how things go with the SEC, Coinbase does note that these dates could change.

Reuters rightfully notes that Coinbase is also currently looking to be the first major crypto exchange on the stock market, and distancing itself from XRP and Ripple during the investigation makes sense for the company.

What do you think? Surprised that Coinbase will suspend trading on the cryptocurrency? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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