Coinbase Resumes XRP Trading for New York Users

Coinbase Resumes XRP Trading for New York Users

Coinbase has relisted the XRP token listing after a considerable pause. The article quoted Coinbase CIO Paul Grewal who told media that the trading platform has relisted XRP trading options for consumers in New York.

On 23rd May, Coinbase CIO Grewal noticed that customers hailing from New York may now be able to access XRP on their trading accounts after a 9-month break.

The executive posted an update on X on the subject noting that XRP trading on Coinbase is now open once again. He further stated that the decision was the result of overwhelming demand from crypto investors and the firm finally put an active effort and relisted XRP once again.

He also stated that Coinbase has collaborated with the State of New York in order to make XRP relisting possible.

After the SEC lawsuit against Ripple in 2020, the token gained a bad rep. On this account, multiple trading platforms delisted the token from their platforms. At the same time, the increased scrutiny of regulators led the platform to be taken out of several centralized exchanges.

Among these regulated platforms were Coinbase, Binance.US, and Bittrex. The delisting of XRP took place when SEC officials purported that the project with dealing in unregistered securities.

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Crypto Investors Want Other Crypto Exchanges to Relist XRP

However, the tides of fate turned back in favor of the XRP project after Judge Analisa Torres ruled in 2023 that secondary sales of the token do not constitute as security sales. After this verdict, several exchanges that had delisted XRP went on to relist the product.

Coinbase gained a lot of traction among XRP investors for becoming one of the first exchanges to relist XRP while XRP investors anticipated other major exchanges to follow suit in the same manner.

XRP Trading on Major Crypto Exchanges

Thus far, XRP has not been relisted at all major trading platforms that it was trading at before the SEC lawsuit. Some jurisdictions such as Japan and New York have continued to pose major regulatory hurdles for XRP that prevented the token from relisting.

In 2023, the New York Department of Financial Services (NYDFS) removed XRP from firms that were allowed to offer custodial services for customer funds. On this account, Coinbase had to delist trading options for XRP in New York.

Cryptocurrency trading platforms and other firms seek to act as custodial services providers in NY but need to have NYDFS approval in order to gain the right for custodial options. XRP prices have reflected the positive development.

The daily chart of the product has indicated its prices rising from $0.51 to $0.63 at press time. Regardless of the recent positive changes XRP price continues to trade sideways. The most recent top price point for the product was noticed at $0.74 as of 12th March 2024.

Digital Currency Group Seeks to Dismiss $3 Billion NYAG Lawsuit

The Digital Currency Group has recently submitted a petition in the court to dismiss the lawsuit brought by the New York Attorney General (NYAG). The defendants have retained that Three Arrow Capital demist prompted the firm to invest hundreds of millions of dollars into Genesis.

DCG CEO has retained in the motion that the claims of fraud against the VC are not founded in truth or facts.

In 2023, NYAG brought the lawsuit against Gemini, Genesis, and DCG. The trio allegedly defrauded around 23 thousand investors and 29 thousand traders hailing from New York using the Gemini Earn program.

NYAG has retained that the firms in question have continued to target New York citizens and forged information about investment initiatives. GCG subsidiary, Genesis settled the lawsuit on 8th February.

However, the very next day NYAG filed a new and expanded lawsuit against DCG that also included Genesis among defendants. DCG responded by recording the objection statement at the court speaking about the settlement between Genesis and NYAG on 21st February.

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