According to the latest news, the US cryptocurrency exchange OKCoin will suspend Ripple (XRP) trading and deposits on January 4, 2021, until further notice.
OKCoin said on Monday that the exchange made the above decision because the US Securities and Exchange Commission (SEC) recently filed a lawsuit against two executives of Ripple, the operating company of Ripple.
The US Securities and Exchange Commission claims that Ripple is security and alleges that Ripple COE Brad Garlinghouse and co-founder Chris Larsen have passed an ongoing, The sale of unregistered Ripple securities raised more than $1.3 billion in funds.
“It will probably take some time for both parties to reach a solution to this situation,” OKCoin said. “Once we have information that may change our position, we will take the initiative to notify customers.”
OKCoin CEO Fang Hong stated that this was a commercial decision made by the exchange from the standpoint of the best interests of the customer before the US Securities and Exchange Commission provided further guidance on the Ripple case.
In addition to suspending Ripple trading and deposits, OKCoin also requires users who previously borrowed Ripple or USD margin to return the borrowed margin before January 3 next year. The exchange said: “If the user fails to pay the bill overdue, it will trigger our system to perform liquidation to end the loan contract.”
(Source)
