eToro suspends XRP trading as well for all users based in the United States, becoming the latest exchange to do so after Ripple got hit with a lawsuit from the US SEC as reported previously in the Ripple news.
eToro is the latest exchange to suspend all XRP trading after the United States Securities and exchange Commission filed a lawsuit against its creators over the past week. eToro suspended trading of the coin which will be enforced on January 3rd for US users. The exchange will ban purchases of the coin as well as conversions of XRP To other coins on its wallet according to the announcement. The customers with existing XRP positions have until January 24th to close them and the suspension will only affect US Customers and will not prohibit HODLing or withdrawals:
“These changes have been made in response to the SEC’s lawsuit against Ripple Inc. For now, the changes only apply to US customers.”
The complaint that was filed by the US Securities and Exchange Commission alleged that ripple, as well as the co-founders Brad Garlinghouse and Chris Larsen, raised more than $1.3 billion by distributing XRP in an unregistered securities sale. Ripple sells XRP periodically to alter the number of coins in public circulation so the SEC claims that these sales constitute investment contracts and the Ripple broke the US law by not registering with the SEC first.
Ripple claims that these sales don’t always constitute contracts so it was not required to register with the commission:
“We are right and will aggressively fight – and win – this battle in the courts to get clear rules of the road for the entire industry in the U.S.”
Brad Garlinghouse said that the SEC is fundamentally wrong as “a matter of law and fact.” The lawsuit then slashed XRP’s price which lost about 65% of its value since its CEO Brad Garlinghouse spread the news about the complaint.
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eToro is the latest exchange to suspend trading of XRP and joined the group of exchanges that already did it including Bittrex, Coinbase, Bitstamp, OKCoin, and a few others. Binance US decided to suspend all XRP trading on its platform, making it the 14th exchange to do so after Ripple got hit with a lawsuit by the US SEC commission for selling unregistered XRP Tokens.
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