Genesis tells customers it will suspend XRP trading and lending

Genesis users woke up to an email today informing them that the firm had suspended XRP trading and lending.

The email, which was verified by The Block, said that the digital asset lender had made the move, effective December 29, as a precautionary measure. “Our team is actively monitoring the evolving regulatory situation with XRP," the message read. 

According to the email, Genesis stopped allowing new spot purchases of XRP on December 29. Users who hold XRP will have until 5 pm on January 15 to sell it — the same day the company will fully suspend XRP trading. XRP withdrawals will be allowed, though Genesis won’t accept any new XRP deposits.

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Genesis will also no longer support loans in XRP. Open term loans in the digital currency will be called, and all XRP fixed-term loans maturing on or after February 1 will be called, according to the message. 

The firm's XRP derivative business will not change, according to the email. Genesis noted that since the situation with XRP is fluid, these stipulations are likely to change.

Genesis declined to comment.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.