U.S. markets closed
  • S&P Futures

    4,196.75
    +2.50 (+0.06%)
     
  • Dow Futures

    34,420.00
    -22.00 (-0.06%)
     
  • Nasdaq Futures

    13,633.00
    +35.25 (+0.26%)
     
  • Russell 2000 Futures

    2,237.10
    -2.80 (-0.12%)
     
  • Crude Oil

    64.85
    +0.14 (+0.22%)
     
  • Gold

    1,814.80
    -0.90 (-0.05%)
     
  • Silver

    27.42
    -0.04 (-0.13%)
     
  • EUR/USD

    1.2069
    0.0000 (-0.00%)
     
  • 10-Yr Bond

    1.5610
    -0.0230 (-1.45%)
     
  • Vix

    18.39
    -0.76 (-3.97%)
     
  • GBP/USD

    1.3894
    +0.0002 (+0.01%)
     
  • USD/JPY

    109.0720
    -0.0130 (-0.01%)
     
  • BTC-USD

    56,671.01
    -142.48 (-0.25%)
     
  • CMC Crypto 200

    1,472.91
    +1.49 (+0.10%)
     
  • FTSE 100

    7,076.17
    +36.87 (+0.52%)
     
  • Nikkei 225

    29,350.09
    +18.72 (+0.06%)
     

Hong Kong Trading Platform OSL Suspends XRP Services as SEC Sues Ripple

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Daniel Palmer
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

A lawsuit against Ripple Labs brought Tuesday by the U.S. Securities and Exchange Commission (SEC) is already having knock-on effects.

  • OSL, the first regulated digital asset trading and brokerage platform in Hong Kong, announced it is suspending trading in the XRP cryptocurrency at the heart of the SEC action.

  • The platform tweeted Wednesday:

  • The SEC is accusing Ripple of violating federal securities laws via sales of XRP to retail consumers.

  • Ripple is said to have raised $1.3 billion over a seven-year period in ongoing sales of XRP to retail investors.

  • According to CoinDesk’s reporting, at least one U.S. exchange opted to delist the cryptocurrency ahead of the lawsuit’s filing.

  • “As part of OSL’s rigorous compliance program, digital assets are subjected to regular due diligence reviews to assess their suitability for trading on our platform,” said Wayne Trench, CEO of OSL.

  • Based on the results of the reviews, the firm may suspend trading in certain assets either temporarily or permanently, he said.

See also: An SEC Victory in Ripple Case Would Render XRP ‘Untradeable,’ Market Pros Say

Related Stories