Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it will resume trading of Ripple (XRP) in New York. This is seen as a significant development for Ripple (XRP) and its investors.
The announcement was made by Paul Greal, Coinbase’s Chief Legal Officer, who stated, “XRP trading on Coinbase is available again in NY. We have listened to the concerns and have worked closely with the state. We are pleased to announce that we are back in business.”
Since December 2020, XRP trading has been restricted in New York due to a lawsuit filed by the New York Attorney General’s Office against Ripple Labs. As a result, many cryptocurrency exchanges suspended XRP trading for New York residents.
However, residents of New York who wanted to purchase XRP had to use a cryptocurrency exchange registered with the New York State Department of Financial Services (NYDFS) and authorized to operate in the state. Some of these authorized exchanges included Bitstamp, Bitfinex, and Bittrex.
Last July, Coinbase and other exchanges made a significant move by relisting XRP following a court ruling that deemed secondary sales of XRP as not securities. Despite this ruling, trading of XRP was still not supported in New York until now.
This latest development from Coinbase is good news for Ripple (XRP) and its supporters, as it opens up trading opportunities for New York residents once again. It also demonstrates the ongoing efforts of cryptocurrency exchanges to navigate regulatory challenges and provide access to a wide range of digital assets.
Please note that this article does not constitute investment advice. If you are interested in investing in cryptocurrencies, you can consider registering with Binance exchange, which offers a wide range of cryptocurrencies and a 20% commission discount.
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