OKCoin said Monday it will suspend XRP trading and deposits on its crypto exchange, effective on Jan. 4, 2021.
The exchange specified two key dates along the suspension timeline. "At 3 a.m. UTC time on January 4, the exchange's users who have borrowed from the XRP/USD margin pair (including borrowing XRP and U.S. dollars) are required to return the borrowed value before this time at 3 a.m. UTC time on Jan. 4," the exchange said. "Delays will trigger a liquidation by our systems to close the loan contracts."
At 3 a.m. UTC on Jan. 5, XRP's spot trading, margin trading and deposits will be suspended until further notice, according to the exchange.
"It is likely that this situation will take time to reach a resolution. We will proactively inform our customers when we have information that may change our position," OKCoin said in the statement.
OKCoin became the latest exchange to delist XRP because of the U.S. Securities and Exchange Commission's recent filing against Ripple Labs, alleging XRP is a security.