eToro is suspending XRP trading in the US

Crypto-friendly brokerage firm eToro USA is suspending XRP trading on January 3.

The decision comes in light of the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple. eToro U.S. customers have until January 24 to sell their existing XRP holdings.

After that date, they can either hold or transfer their XRP to an eToro wallet at any time. Customers can also transfer XRP to any external wallet address from their eToro wallets.

To be sure, the restrictions only apply to eToro's U.S. customers and not global customers.

Since the SEC lawsuit, crypto trading platforms have continued to disassociate themselves from XRP, including Coinbase and Binance.US.  Yesterday, Coinbase was hit with a class-action lawsuit for profiting from the sale of XRP. The plaintiff claimed that Coinbase allowed trading in XRP while knowing that it was a security.

The SEC views XRP as a security and has alleged that Ripple and two of its executives — CEO Brad Garlinghouse and co-founder Chris Larsen — have raised billions of dollars via an ongoing unregistered securities offering of XRP. Both parties of the case are set to dial-in for an initial pretrial conference on February 22.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

More