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Cryptocurrency market-maker B2C2 halted the trading of XRP with U.S.-based counterparties, effective this past Thursday, following the U.S. Securities and Exchange Commission’s lawsuit against Ripple Labs, according to a report in The Block.
- Non-U.S. clients can still trade the token but need to pre-fund all short trades, according to The Block report, which cited no sources.
- B2C2’s move comes as cryptocurrency exchange Bitstamp has said it was halting XRP (-8.1%) trading, as well as market-makers Galaxy Digital and Jump Trading, which both stopped XRP market-making.
- According to a lawsuit filed Tuesday, Ripple raised $1.3 billion over a seven-year period to retail investors through its sale of XRP on an ongoing basis. If the SEC prevails, XRP could become a pariah token as platforms that continued to list the crypto may have to register as securities exchanges.