Coinbase Resumes XRP Trading for New York Customers

Coinbase has announced that customers in New York can once again trade XRP on its platform. This update comes after a nine-month suspension following regulatory issues. Paul Grewal, Coinbase’s Chief Legal Officer, shared the news on social media, stating, “XRP trading on Coinbase is available again in NY. We heard you and put in the work in a strong partnership with the State. And now the word can be put out—we are back up.”

Coinbase Suspends Trading Amid SEC Lawsuit

The suspension of XRP trading on Coinbase began in January 2021 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. The SEC alleged that Ripple Labs had sold unregistered securities worth $1.38 billion through XRP token sales. This lawsuit led to widespread delistings of XRP across various exchanges, including Coinbase. During the suspension, users were unable to trade or convert XRP to fiat currency, although they could still deposit, store, and transfer the token.

In 2023, Judge Analisa Torres ruled that secondary sales of XRP did not constitute securities sales, prompting exchanges to relist the digital asset. Coinbase was among the first to relist XRP, drawing significant attention from investors and speculators. Despite the court ruling, XRP faced continued regulatory challenges in certain jurisdictions, including New York.

In September 2023, the New York Department of Financial Services (NYDFS) removed Ripple Labs from its “Greenlist” of approved companies for custodying customer assets. This action forced Coinbase to suspend XRP trading for New York residents. Crypto firms seeking to act as custodians for customer funds in New York must apply and receive individual approval from NYDFS.

With the recent announcement, customers can now log into their Coinbase accounts to buy, sell, convert, send, receive, or store XRP via the Coinbase website and its iOS and Android applications. Following the news, XRP’s price showed a slight increase from $0.51 to nearly $0.53.

As of the latest update, XRP is priced at $0.527964, showing a minor decrease of 0.23% in the past 24 hours. Ripple currently holds 46.5% of the total XRP supply, with 5,258,162,324 XRP in their possession and 41.3 billion XRP locked in escrow.

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