eToro to suspend XRP trading in the US
Retail FX and CFDs broker eToro has announced that it will suspend XRP trading in the US, beginning January 3.
The social trading focused broker stated that given the U.S. Securities and Exchange Commission’s (SEC) recent lawsuit against Ripple Labs, Inc., eToro USA has decided to prohibit purchases of XRP on the eToro platform and to prohibit any conversion of XRP held in a customer’s eToro Wallet beginning on January 3, 2021 at 12pm Eastern Standard Time.
Customers with existing XRP positions will have until January 24 at 12pm Eastern Standard Time to close such positions by entering sell orders on the eToro platform. eToro said that it reserves the right to suspend any services at any time, including earlier than January 3 at 12pm Eastern Standard Time, if it determines that market, regulatory, or other conditions warrant such action.
For now, the above prohibitions affect only US customers of eToro and will not affect any customer’s ability to hold XRP in the eToro Wallet. All customers, including US customers, may continue to hold XRP in their eToro Wallet, and those customers still holding XRP on the eToro platform after January 24th can transfer their XRP to an eToro Wallet at any time. Additionally, customers holding XRP in the eToro Wallet may also transfer their XRP to any XRP wallet address unaffiliated with eToro at any time.
The company stated that it will continue to monitor this situation for new developments and, should the need arise, share additional information regarding XRP through both its blog and the eToro US Twitter account.
Israel based eToro was recently valued at $2.5 billion in a private secondary share sale. The company is rumored to be preparing to go public in early 2021.