According to an email sent to customers and shared with CoinDesk, the company, which belongs to CoinDesk’s parent company, Digital Currency Group, is suspending XRP trading and loans.
Customers will have until January 15 to sell XRP “as long as there is sufficient liquidity,” the email said, after which Genesis will suspend trading and depositing in the token, although withdrawals are still allowed.
Ripple’s regulatory problem is apparently driving the decision. The SEC is suing Ripple for what it calls a $ 1.3 billion unregistered bond sale. The “Genesis team is actively monitoring the evolution of the regulatory situation with XRP,” the email said.
For its XRP loan markets, the email said that Genesis is canceling all loans and that all fixed-term loans due on or after February 1, 2021 have been canceled or canceled.
Genesis XRP derivatives markets will continue to trade.
The announcement makes Genesis the latest in a series of crypto exchanges suspending XRP trading until the outcome of the process becomes clear.
Genesis did not respond to CoinDesk’s request for comment.