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Coinbase to suspend trading in cryptocurrency XRP after US watchdog filed charges against its creator, Ripple
- US regulators last week charged associated blockchain firm Ripple with conducting a US$1.3 billion unregistered securities offering
- The move comes as Coinbase is preparing to become the first major American cryptocurrency exchange to list on the stock market
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Cryptocurrency exchange Coinbase said on Monday it would suspend trading in the digital currency XRP after US regulators last week charged associated blockchain firm Ripple with conducting a US$1.3 billion unregistered securities offering.
The move by San Francisco-based Coinbase comes as the firm is preparing for a stock market listing and has confidentially applied to the US Securities and Exchange Commission to go public. It would be the first major American cryptocurrency exchange to list on the stock market.
Coinbase said trading in XRP was limited from 2.30pm Pacific time on Monday, and would be fully suspended on January 19 at 10am.
The SEC has charged two Ripple executives for personal gains they received from the offering.
Ripple created and sold XRP, the third-biggest cryptocurrency by market value.
Founded in 2012, Coinbase is one of the best-known cryptocurrency platforms globally and has more than 35 million users in over 100 countries.
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