(Reuters) – Cryptocurrency exchange Coinbase Inc said Monday it would suspend trading in cryptocurrency XRP after U.S. regulators last week accused Ripple-linked blockchain company by making an offer of $ 1.3 billion unlisted securities.
The move by San Francisco-based Coinbase comes as the company prepares for a stock market listing and has confidently applied with the U.S. Securities and Exchange Commission to go public. It was the first major U.S. crypto exchange listed on the stock market.
Coinbase reported that trading in XRP moved to a level only from 2:30 pm Pacific time on Monday, and would be completely suspended on January 19 at 10 am (bit.ly/3hrhLpu)
The SEC has charged two Ripple officers for personal benefits they received from the offer. (reut.rs/2Jq20Cq)
Ripple created and sold XRP, the third largest cryptocurrency by market value.
Founded in 2012, Coinbase is one of the most popular cryptocurrency platforms worldwide and has over 35 million users in over 100 countries.
Reporting by Ankit Ajmera in Bengaluru; Edited by Maju Samuel