(Reuters) – Currency exchange Coinbase Inc. said on Monday it would halt cryptocurrency trading XRP after U.S. regulators last week sued associate blockchain firm Ripple for offering an unregistered $ 1.3 billion security offering.
The move by Coinbase, based in San Francisco, is preparing for a listing on the stock market and has been applied for confidentiality with the US Securities and Exchange Commission. This would be the first major US crypto exchange to be listed on the stock market.
Coinbase said trading on XRP was limited to Pacific time only from 2.30pm on Monday and will be fully suspended on January 19 at 10am (bit.ly/3hrhLpu)
The SEC has charged two Ripple executives with personal gains they received from the offer. (heruit.rs/2Jq20Cq)
Ripple has created and sold XRP, the third largest cryptocurrency by market value.
Coinbase, founded in 2012, is one of the most well-known cryptocurrency platforms worldwide and has more than 35 million users in more than 100 countries.
Reporting by Ankit Ajmera in Bengaluru; Edited by Maju Samuel