This update shares recent news on Ripple (XRP) and how we are managing trading and storage infrastructure services provided by the Crypto Finance Group.
The U.S. Securities and Exchange Commission (SEC) charged US-based Ripple Labs Inc. and two of its executives in the federal district court in Manhattan, New York, with conducting a $1.3 billion unregistered securities offering. Please read the SEC press release from 22 December 2020 here.
How is trading with XRP affected?
As a result of this announcement, market liquidity for all trading pairs involving XRP has deteriorated while spreads have been widening substantially. Naturally this leads to difficulties when building up and reducing positions in XRP. We noted that first market participants already stopped offering trading XRP the day after the announcement, and the XRP delistings continue to grow.
With the announcement of Coinbase, the largest US crypto exchange, suspending XRP trading, the market liquidity for all trading pairs involving XRP continues to deteriorate. As a result, we will suspend our streaming prices for all XRP trading pairs and continue to execute orders on a best-effort-basis.
How are storage services for XRP affected?
The storage infrastructure services provided by the Crypto Finance Group remain unaffected and continue to support our clients’ crypto asset transactions. We work closely with our clients and advise on risk management and governance framework to mitigate the impact of such situations.
Please contact our Storage Infrastructure or our Brokerage trading desk if you have any questions.Read more