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Finance

Genesis to Suspend XRP Trading, Lending

In an email sent to clients Wednesday, Genesis announced it would be halting XRP trading and lending in the new year.

By Colin Harper
AccessTimeIconDec 30, 2020 at 6:26 p.m. UTC
Updated May 9, 2023 at 3:14 a.m. UTC
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Digital currency prime broker Genesis is halting XRP trading and lending in light of the Securities and Exchange Commission’s lawsuit against Ripple.

According to an email sent to clients and shared with CoinDesk, the firm, which is owned by CoinDesk parent company Digital Currency Group, is suspending XRP trading and lending.

Clients will have until Jan. 15 to sell XRP “as long as sufficient liquidity exists,” the email read, after which time Genesis will suspend trading and deposits in the token, although withdrawals will still be allowed. 

Ripple’s regulatory trouble is apparently driving the decision. The SEC is suing Ripple for what it’s calling a $1.3 billion unregistered security sale. Genesis’ “team is actively monitoring the evolving regulatory situation with XRP," the email read.

For its XRP lending markets, the email said Genesis is calling all loans and that all fixed-term loans that mature on or after Feb. 1, 2021, have been called back or terminated.

Genesis’s XRP derivatives markets will continue trading. 

The announcement makes Genesis the latest in a host of crypto exchanges suspending XRP trading until the outcome of the lawsuit becomes clear. 

Genesis has not responded to CoinDesk’s request for comment.

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