Genesis to suspend XRP trading, loans

According to an email sent to customers and shared with CoinDesk, the firm, which is owned by CoinDesk parent company Digital Currency Group, is suspending XRP trading and lending.

Customers will have until January 15 to sell XRP “as long as sufficient liquidity exists”, reads the email, after which Genesis will suspend trading and deposits in the sign, although withdrawals will still be allowed.

Ripple’s regulatory problems are apparently the driving force behind the decision. The SEC is suing Ripple for an unregistered $ 1.3 billion security sale. Genesis’s ‘team is actively monitoring the evolving regulatory situation with XRP,’ reads the email.

For its XRP loan markets, the email states that Genesis is recalling all loans and that all fixed term loans maturing on February 1, 2021, have been recalled or terminated.

The XRP derivatives markets of Genesis will continue trading.

The announcement makes Genesis the latest in a number of crypto exchanges suspending XRP trading until the outcome of the lawsuit becomes clear.

Genesis did not respond to a request for comment from CoinDesk.