Bitstamp to Suspend XRP Trading for US Customers

by in Cryptocurrency News

Bitstamp and XRP

Luxembourg-based cryptocurrency exchange platform Bitstamp announced stopping XRP transactions for an indefinite time. The company tweeted, informing users that such a decision was made because of the SEC's lawsuit against Ripple. US customers will not be able to trade and deposit XRP from January 8, 2021. Bitmex mentioned they would follow the news and adapt according to the circumstances.

Related: SBI and MoneyGram about Ripple's Case

However, US clients can withdraw their XRP whenever they like. The decision doesn't concern clients from other countries. It's worth mentioning that last month 40 million XRP, priced about $30 million at the transaction’s date, was moved from an unknown wallet address to Bitstamp.

After US Security and Exchange Commission had filed a lawsuit against Ripple Labs for trading unregistered securities, many market makers stopped supporting XRP. Among them were Jump Trading and Galaxy Digital.

XRP has also moved from its place as the third-largest cryptocurrency by market cap. Now it ranks fourth with Tether (USTD) taking over.