(Reuters) – Cryptocurrency exchange Coinbase Inc said on Monday it would suspend cryptocurrency XRP trading after US regulators last week accused associated blockchain firm Ripple of conducting an unregistered $ 1.3 billion securities offering.
San Francisco-based Coinbase’s move comes as the company prepares for a stock exchange listing and has confidentially filed with the U.S. 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 XRP trading didn’t come within the limit until 2:30 p.m. Pacific Time on Monday and would be suspended completely on January 19 at 10:00 a.m. (bit.ly/3hrhLpu)
The SEC has charged two Ripple executives for the personal benefit they received from the offer. (reut.rs/2Jq20Cq)
Ripple created and sold XRP, the third largest cryptocurrency by market value.
Founded in 2012, Coinbase is one of the most well-known cryptocurrency platforms worldwide and has more than 35 million users in more than 100 countries.
Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel