Coinbase and OKCoin Suspend XRP Activities

by in Cryptocurrency News

XRP suspended on OKCoin and Coinbase

The case of the U.S. Securities and Exchange Commission against Ripple continues to have negative impacts on the company.

Related: SEC Submits a Claim Against Ripple

The number of firms terminating XRP purchases is increasing. A few days ago cryptocurrency exchange platform Bitstamp announced halting XRP purchases for an indefinite time. Now OKCoin and Coinbase made such a decision.

OKCoin stated today that their best decision in the current circumstances will be suspending XRP exchanging and deposits. The protocol informed that the halting will be held within two days.

Customers who borrowed XRP/USD via OKCoin are instructed to pay the amount back by Jan. 3. The next day, XRP spot transactions, margin trading, and deposits will be stopped.

Coinbase chief legal officer Paul Grewal issued a post on Monday informing that the company will completely halt XRP dealing from January 19, 10 am. He mentioned that if necessary the trading may be suspended sooner. However, this does not influence Ripple-powered Flare Network's expected Spark (FLR) token distribution. Besides, Coinbase will continue to support XRP on Coinbase Custody and Coinbase Wallet.

In the last 24 hours, XRP price saw about a 17.41% decline.