decrypt.co
Blockchain.com, a cryptocurrency exchange, will disallow $XRP trading on its platform, according to a statement from the site.
January 14 will mark the site’s last day of $XRP trades before the freeze. The statement clarifies that Blockchain.com traders will retain access to the $XRP they already have, albeit in a limited capacity—they’ll be able to send it out, but won’t be able to receive any new $XRP.
The note makes it clear that the move is a direct response to the SEC’s recent lawsuit against Ripple, the company behind $XRP, which alleges that the token is essentially an unregistered security, and that previous sales were illegal; the regulator is suing Ripple the $1.3 billion it says the company raised in an unregistered ICO.
The complaint also alleges that Ripple’s current chief executive and former chief executive schemed to sell $XRP to companies that they knew had little “use” for the token.
Blockchain.com is the latest exchange to announce a freeze on $XRP trading in the wake of the SEC’s filing. Exchanges like Coinbase, eToro, Binance.US, and Bittrex have already made similar announcements, as maintaining ties with Ripple becomes a riskier affair.
A few exchanges, however, aren’t giving up on $XRP just yet. Uphold and Revolut, which have a larger presence in the UK, are taking a “wait and see” approach to the SEC’s lawsuit. Uphold, in particular, has been vocal in its support of $XRP.
The price of $XRP has fallen significantly since December, when news of the charges first broke. It was the third-largest cryptocurrency by market capitalization at the time, and has since dropped to the fifth spot.
The price of a single $XRP is now around 22 cents.