Crypto Exchange Kraken Prepares To Halt All XRP Trading for US Residents

By Daily Hodl Staff

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

The exchange cites the SEC’s lawsuit against Ripple, which 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….

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.

The exchange says it will still support the Spark token airdrop for XRP holders, which is set to happen sometime in the first half of this year.

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Featured Image: Shutterstock/Sergey Nivens