Kraken Gets Ready To Drop Support For XRP Trading For US Residents

It’s been just reported that Kraken is also getting ready to ditch support for XRP.

As you probably know by now, Ripple has been making headlines along with XRP following the news that the SEC is suing the company.

Ripple/XRP’s fate to affect the whole crypto industry

Just the other day, we were reporting that Ripple said that it would defend itself against a lawsuit from the SEC that is claiming the company violated investor protection laws when they sold XRP.

Back then, Ripple’s Brad Garlinghouse said that he and Chris Larsen, which are named in the SEC’s complaint, had the option to settle with the SEC but chose not to do it. This was back in December.

Gary Gensler, widely expected to be the next chairman of the U.S. Securities and Exchange Commission, recently said that Ripple’s legal battle with the SEC could have a massive impact on the crypto industry.

Kraken to drop support for XRP transactions for the US citizens

The San Francisco-based cryptocurrency exchange Kraken is joining dozens of companies that are dropping support for XRP.

The exchange cited the SEC’s lawsuit against Ripple – as you know, the lawsuit accuses the company of illegally selling XRP as an unregistered security, as the reason behind its decision to stop all trading of the crypto asset in the US.

“After January 29, 2021, U.S. residents will not be able to trade XRP. We intend to cancel open XRP orders and liquidate open XRP positions for U.S. residents on January 29, 2021. U.S. residents are strongly encouraged to resolve their positions prior to that day….” Kraken notes.

They continued and said: “We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.”

Users will still be able to deposit, hold, and withdraw XRP on Kraken.

Stay tuned for more Ripple and XRP related news.

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