(Reuters) – Cryptocurrency exchange Coinbase Inc. said on Monday it would suspend trading in XRP cryptocurrency after U.S. regulators accused blockchain associate company Ripple of conducting a $ 1.3 unregistered bond offering billion.
The San Francisco-based Coinbase lawsuit comes as the company is preparing for a listing on the stock market and has entered a confidential application with the United States Securities and Exchange Commission to go public. It would be the first major US crypto exchange to be listed on the stock market.
Coinbase said that XRP trading entered the limit only after 2:30 pm Pacific time on Monday and would be fully suspended on January 19 at 10 am (bit.ly/3hrhLpu)
The SEC charged two Ripple executives for the personal gains they received from the offer. (reut.rs/2Jq20Cq)
Ripple created and sold XRP, the third largest cryptocurrency by market capitalization.
Founded in 2012, Coinbase is one of the most well-known cryptocurrency platforms globally and has over 35 million users in more than 100 countries.
Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel