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BCH $548.52 (0.99%)
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Kraken Suspends XRP Trading for US Residents

Kraken Suspends XRP Trading for US Residents
  • XRP trading gets halted on Kraken exchange for US residents.
  • Users outside the United States are not affected.
  • Spot positions on margin should be satisfied before January 28, 2021

Digital Asset Exchange Kraken recently announced the suspension of XRP trading in the US. Consequently, US-based XRP holders cannot trade their digital tokens starting on January 29, 2020.

In a blog, Kraken declared the halting of XRP trading due to the infamous SEC case against Ripple. However, this will only affect US residents. According to the announcement, “clients residing in other countries are not affected.”

This change will only affect trading. Users who want to deposit, hold, and withdraw their XRP can still do so.

Kraken urged users with open spot positions on margin to satisfy outstanding obligations. Users must do this before January 28, 2021, at 11:59 pm or else their positions will be liquidated.

The Kraken team also commits to monitoring the SEC filing and promises to adapt to any developments accordingly.

XRP suffered many losses because of the lawsuit filed by the SEC. Recently, statistic sites reported that DOT overtook XRP for the largest crypto by market capitalization.

Despite all that, Ripple CEO stays positive as he welcomes a new SVP of Engineering to their team.

Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.