Kraken to suspend XRP trading for its US clients

Kraken is the last major exchange to suspend trading in XRP following SEC charges against Ripple. Several exchanges have already taken similar action including Coinbase, Bittrex, Bitstamp, eToro and the application.

Kraken to suspend XRP trading for its U.S. customers
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Kraken suspends the XRP.
On Saturday 16 January, the Kraken Exchange announced that it will suspend trading of XRP for US residents in light of the recent complaint filed by the Securities and Exchange Commission (SEC) against Ripple Labs.

U.S. Kraken users will no longer be able to buy and sell XRP from 2:00 a.m. on January 30. However, users will still be able to file, hold and withdraw XRP with Kraken.

As to whether trading could resume in the future, the exchange explained :

„We are monitoring the situation regarding the SEC filing and will adapt to any new developments.โ€‰ยป

As a reminder, the U.S. Financial Marshal filed a complaint against Ripple in December alleging that sales of XRP were „unregistered securities.โ€‰“In addition, the two founders allegedly did not register their personal sales of XRP.

๐Ÿ‘‰ Read more on the same subject: Japanese regulator says Ripple’s XRP is not a financial security
A long list
Kraken is the last major exchange to temporarily withdraw trading from XRP. But since the SEC filed its complaint, a number of players have distanced themselves from the XRP.

For example, the OKCoin, Coinbase, Bittrex, Bitstamp, Binance.US, and eToro exchanges have taken similar steps. The same goes for the popular application.

However, there are disparities in the measurements. For example, Coinbase has chosen to apply the restrictions to all of its customers and has decided to suspend XRP deposits unlike Kraken.

On 13 January, the Grayscale investment fund also decided to dissolve its XRP Trust fund worth approximately $12 million.

This is yet another blow to Ripple, which will soon have to defend itself in the lawsuit against the SEC. However, Brad Garlinghouse, Ripple’s CEO, does not appear to be resigned to this and said :

„We’re right and we’re going to win this battle in court to get clear rules of conduct for the entire industry in the United States.โ€‰ยป