(Reuters) – Cryptocurrency exchange Coinbase Inc said on Monday it would suspend trading in XRP cryptocurrencies after US regulators last week accused blockchain firm Ripple of making an unregistered $ 1.3 billion bid. USD.
The San Francisco Coinbase move comes as the company prepares for a listing on the stock market and has filed a confidential application with the U.S. Securities and Exchange Commission to go public. It would be the first major cryptocurrency exchange in the US to be listed on the stock market.
Coinbase said trading in XRP has moved to the limit only at 2.30pm Pacific time on Monday and will be completely suspended on January 19 at 10am (bit.ly/3hrhLpu)
The SEC has charged two Ripple executives with personal gains 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 globally and has over 35 million users in over 100 countries.
Report by Ankit Ajmera in Bengaluru; Mount of Maju Samuel