Coinbase, one of the world’s largest cryptocurrency exchanges, has announced that it will resume trading of Ripple (XRP) in New York. This is a significant development for Ripple, as XRP trading has been restricted in the state since December 2020 due to a lawsuit filed by the New York Attorney General’s Office against Ripple Labs. Many cryptocurrency exchanges suspended XRP trading for New York residents as a result.
However, New York residents looking to purchase XRP had the option to use cryptocurrency exchanges registered with the New York State Department of Financial Services (NYDFS) and authorized to operate in the state, such as Bitstamp, Bitfinex, and Bittrex.
Last July, Coinbase and other exchanges decided to relist XRP following a court ruling that stated secondary sales of the token were not securities. Despite this, trading of XRP was still not available in New York until now.
This announcement from Coinbase indicates that they have worked closely with the state and have now been given the green light to resume XRP trading in New York. This is good news for Ripple and its supporters, as it opens up the market for XRP in one of the largest financial hubs in the world.
As always, it’s important to conduct thorough research before making any investment decisions. Investing in cryptocurrencies carries risks, and it’s essential to understand the market and seek professional advice if needed.
