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Kraken Halts XRP Trading For US Users Following The SEC Charges

Summary:
The San Francisco-based veteran crypto exchange Kraken is the latest platform announcing plans to halt Ripple (XRP) trading starting at the end of January. The decision will affect only US-based citizens, while all services will remain operating as intended for customers located outside of the country.Starting on January 29th at 5 pm PT (or January 30th at 1:00 UTC), Kraken will suspend XRP trading for users based in the United States. The near 10-year-old exchange said that residents need to close all positions until January 28th at 11:59 PT or “their positions will be liquidated.”However, Kraken also said that US users will still be able to deposit, hold, and withdraw XRP even after the exchange has halted the trading activities.Additionally, customers in other countries will not be

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The San Francisco-based veteran crypto exchange Kraken is the latest platform announcing plans to halt Ripple (XRP) trading starting at the end of January. The decision will affect only US-based citizens, while all services will remain operating as intended for customers located outside of the country.

  • Starting on January 29th at 5 pm PT (or January 30th at 1:00 UTC), Kraken will suspend XRP trading for users based in the United States. The near 10-year-old exchange said that residents need to close all positions until January 28th at 11:59 PT or “their positions will be liquidated.”
  • However, Kraken also said that US users will still be able to deposit, hold, and withdraw XRP even after the exchange has halted the trading activities.
  • Additionally, customers in other countries will not be affected in any way – the XRP markets will continue to operate uninterrupted. 
  • Somewhat expectedly, Kraken justified its decision with SEC charges brought on Ripple last year. CryptoPotato reported that the Commission alleged the payment processor of conducting a $1.3 billion unregistered security offering.
  • Numerous crypto exchanges and businesses removed the XRP token in the following weeks, which harmed its price. 
  • Kraken’s announcement also seemed to have impacted XRP’s value as the asset dumped by 12% from $0.295 to $0.26 in a matter of minutes. Although Ripple’s native crypto has recovered some short-term losses and trades around $0.29, it’s still down by about 60% since the SEC made the charges official.   
xrp_usd_chart
XRP/USD. Source: TradingView

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