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eToro Stops XRP Trading for US Citizens Amides SEC Lawsuit

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eToro Stops XRP Trading for US Citizens Amides SEC Lawsuit

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The US Securities and Exchange Commission’s allegations against Ripple have caused another platform, eToro, to stop trading the company’s native cryptocurrency. The Israel Exchange will ban US American citizens from buying and trading XRP from January 24th.

eToro Joins List of Exchanges Suspending XRP

Founded in Israel in 2006, eToro is a popular social trading and multi-asset brokerage company that also supports various cryptocurrency pairs. However, the company has decided to remove Ripple’s native cryptocurrency XRP from serving US customers. Thus, eToro has joined the growing list of cryptocurrency trading platforms to suspend XRP trading.

eToro announced the decision in an email shared with CryptoPotato. It is reported that the US subsidiary “decided to prohibit purchases of XRP on the eToro platform and to prohibit any conversion of XRP held in a customer’s eToro Wallet.”

US clients must close their open positions before 12:00 noon Eastern Time on January 24th or they risk being liquidated. However, EToro guarantees that US customers can still keep their XRP tokens in the platform’s wallet and transfer them to another external address. Users outside of the US are not affected and can still trade using XRP.

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XRP Falls Below $0.3

After the allegations went into effect, the digital asset felt the adverse effects of the SEC’s decision almost immediately. The price fell about 70% over the next few days and was unable to recover as various crypto exchanges scrambled to delist it.

After the start of the New Year, Ripple managed to regain some traction and jumped above $0.35 several times. However, the recent market crash and news that more exchanges are taking out tokens are pushing it further down.

At the time of writing, the price of XRP has already fallen below $0.30 after its most recent attempt to break that level failed.

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