PayBito,a major US-based cryptocurrency exchange decided to avoid trading Ripple on its platform while the US SEC’s lawsuit against Ripple Labs persists.
PayBito crypto exchange to continue monitoring SEC lawsuit against Ripple
After the US Securities and Exchange Commission filed a lawsuit against Ripple Labs, the US cryptocurrency exchange suspended all XRP trading on its platform.
As announced on February 18, the PayBito exchange will process $1.1 billion in transactions within 24 hours of the release date and suspend all XRP trading pairs announced on February 18. Four trading pair with XRP/USDT being the most popular transaction.
Raj Chowdhury, Managing Director of PayBito, said it should be noted that the suspension of trading will not affect the user’s participation and that those who hold coins on the exchange will still be able to transfer them from the platform.
“Our decision for suspending XRP trading will certainly not affect our users’ access to factors like security and compliance, thereby allowing them to transfer XRP’s from their wallets to other exchanges.”
PayBito announced that it will continue to monitor the ongoing lawsuit between the SEC and Ripple Labs and that it may resume XRP transactions based on the outcome of the lawsuit.
Ripple Ongoing Case With SEC
In December 2020, the SEC filed a lawsuit against Ripple Labs, claiming that the sale of XRP tokens was in violation of securities laws. Ripple Labs continued to deny these allegations and has since asked the SEC to explain why XRP is classified as a security and Ether (ETH) is not classified as a security. SEC officials previously publicly stated that coins such as Bitcoin (BTC) and Ether are so widely distributed that they do not constitute a security issue.
PayBito has joined a long list of major exchanges that have chosen to avoid XRP while the lawsuit is ongoing. Binance.US, eToro, Coinbase, Bittrex and OKCoin have stopped XRP trading or delisted them completely.
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