- Coinbase was forced to cease trading of XRP for New York residents in September 2023.
- Paul Grewal, chief legal officer of Coinbase, made the announcement on May 23.
Paul Grewal, chief legal officer of Coinbase, made the announcement on May 23 that New York consumers may trade XRP on the crypto exchange again after a nine-month break.
Grewal mentioned in a social media post:
“XRP trading on Coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.”
Bold Move by Coinbase
U.S. SEC and centralized exchanges continued to scrutinize XRP after the 2020 SEC case against Ripple. Following the SEC’s accusations that Ripple Labs sold unregistered securities, XRP was delisted by many centralized exchanges, including as Binance.US, Coinbase, and Bittrex.
The digital currency was relisted by these exchanges in 2023 following Judge Analisa Torres’s ruling that secondary sales of XRP did not constitute securities transactions. While XRP holders and traders anxiously awaited relisting by other major exchanges, Coinbase made news by relisting the coin.
Some states and regions, including Japan and New York, continued to impose regulatory barriers on XRP, even after the court’s verdict and the token’s relisting on U.S. platforms.
Coinbase was forced to cease trading of XRP for New York residents in September 2023 after Ripple Labs was removed off the “Greenlist” of firms permitted to store client funds by the New York Department of Financial Services (NYDFS).
To maintain their status as asset custodians within the state of New York, crypto businesses and other organizations who want to handle client money must apply to and be individually authorized by NYDFS.
The price of XRP initially pumped to the positive news and reached $0.54 mark, however, it was not able to sustain the momentum and price fell all the way to $0.51, down 3.16% in the last 24 hours at the time of writing.
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