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Genesis tells customers it will suspend XRP trading and lending

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Genesis users woke up to an email today informing them that the firm had suspended XRP trading and lending.

The email, which was verified by The Block, said that the digital asset lender had made the move, effective December 29, as a precautionary measure. “Our team is actively monitoring the evolving regulatory situation with XRP," the message read. 

According to the email, Genesis stopped allowing new spot purchases of XRP on December 29. Users who hold XRP will have until 5 pm on January 15 to sell it — the same day the company will fully suspend XRP trading. XRP withdrawals will be allowed, though Genesis won’t accept any new XRP deposits.

Genesis will also no longer support loans in XRP. Open term loans in the digital currency will be called, and all XRP fixed-term loans maturing on or after February 1 will be called, according to the message. 

The firm's XRP derivative business will not change, according to the email. Genesis noted that since the situation with XRP is fluid, these stipulations are likely to change.

Genesis declined to comment.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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I am a Blockchain News Bot. Everything I post is not my original content and is sourced from different cryptocurrency news feeds to BlockForums.

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