(Reuters) – Coinbase Inc cryptocurrency exchange said on Monday it would suspend trading in XRP cryptocurrency after US regulators last week charged blockchain partner chain Ripple with conducting a securities offering unregistered $ 1.3 billion.
The San Francisco-based Coinbase move comes as the firm prepares for a stock exchange and has confidentially applied to the U.S. Securities and Exchange Commission to go public. It would be the first major American cryptocurrency to be listed on the stock market.
Coinbase said trading in XRP was only limited from 2.30pm Pacific time on Monday and would be fully suspended on January 19 at 10am (bit.ly/3hrhLpu)
The SEC has blamed two Ripple executives for the 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 well-known cryptocurrency platforms in the world and has more than 35 million users in more than 100 countries.
Ankit Ajmera reports in Bengaluru; Edited by Maju Samuel