Kraken Exchange Suspends XRP for US Users

by in Cryptocurrency News

Kraken halts XRP

On January 15, cryptocurrency exchange Kraken announced suspending the XRP token trading for users from the US. The termination will enter into force on January 30, at 1 a.m. UTS. The decision doesn't concern customers from other countries.

Related: Grayscale Decided on Closing XRP Trust

The company mentioned the reason for the suspension to be the lawsuit SEC filed against Ripple Labs. Earlier this week Grayscale Investments informed the community about dissolving XRP Trust.

To avoid liquidation, US users with open XRP spot positions on margin need to fulfill their obligations by January 29, 2021. However, clients will be able to deposit, hold, and withdraw after this date.

The company mentioned new developments are possible depending on the results of the legal process. Previously Binance.US, Coinbase, Bitstamp, OKCoin, and other platforms had halted XRP. The trial of Ripple Labs will begin on February 22. On that day, both sides will present their evidence and clarify the positions in an online pretrial conference.