- Digital currency broker Genesis is stopping XRP trading and lending in light of the SEC’s lawsuit against Ripple. According to an email sent to customers and shared with CoinDesk, the firm owned by CoinDesk parent company Digital Currency Group is suspending the trading and lending of XRP.
Genesis halts XRP trading
In the e-mail, it was stated that customers will have time to sell XRP “as long as there is enough liquidity” until January 15, at the end of this period Genesis will suspend trading and deposits and only withdrawals will still be allowed.
Ripple’s regulatory issues seemed the main driver of this decision. The SEC has sued Ripple for allegedly selling $ 1.3 billion of unregistered securities. In the e-mail, it was stated that Genesis’ team was actively monitoring the legal situation developing with XRP.
Available for sale until January 15
The e-mail for the XRP credit markets of Genesis said Genesis was looking for all loans and that all fixed term loans that matured on or after February 1, 2021 were recalled or terminated.
Genesis’s XRP derivatives markets will continue to trade. The broker joined a number of crypto exchanges that announced they had suspended XRP trading until the outcome of the case was clear.