OKCoin suspends depositing and trading XRP

OKCoin will Suspend Trading and Depositing XRP

Latest cryptocurrency exchange OKCoin to suspend XRP from trading and depositing. They announced this news with an official blog post mentioning the suspension takes place on January 4, 2021.

The blog post says they have been closely monitoring the news surrounding the December 22nd U.S Securities and Exchange Commission lawsuit against XRP.

And it says two of its executives in Ripple Labs Inc, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.

So from OKCoin’s point of view, they think this is the best course of action to suspend XRP from depositing and trading on OKCoin. If you’re already trading or planning a deposit XRP on OKCoin, here’s what you need to know.

“7:00 PM PST, Jan 3, 2021: Users who have borrowed from the XRP / USD margin pair (incl. Borrowing XRP and USD) are required to return the borrowed value before this time. Delays will trigger a liquidation by our systems to close the loan contracts.”

“7:00 PM PST, Jan 4, 2021: spot trading, margin trading, and deposits will be suspended till further notice.” 

For further information OKCoin says in their blog post, They will inform their customers when they have information that may change their position.

This is bad news regarding XRP. It has decreased by 36% since the news from SEC and as some exchanges have announced they will halt trading XRP including OKCoin.

As for the withdrawals on OKCoin for XRP, Won’t be affected.

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