eToro to pause XRP trading in the US

eToro is suspending XRP trading on its crypto platform for US customers.

The development comes on the backdrop of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs, Inc.

The eToro platform will no longer allow purchases of XRP. The platform will also not allow any conversion of XRP from customer’s eToro Wallet starting January 3 at 12pm Eastern Standard Time, notes the announcement.

In a blog update, eToro said, "eToro USA LLC (eToro) has decided to prohibit  purchases of XRP on the eToro platform and to prohibit any conversion of XRP held in a customer’s eToro Wallet beginning on January 3 at 12pm Eastern Standard Time."

Further blog post added, "eToro reserves the right to suspend any services at any time, including earlier than January 3 at 12pm Eastern Standard Time, if we determine that market, regulatory, or other conditions warrant such action."

The suspension of XRP on the eToro platform is affecting US only customers. US customers can continue to hold XRP in their eToro wallet, notes the announcement. 

Customers holding XRP in the eToro Wallet can also transfer their XRP to any XRP wallet address not related to eToro at any time.

The U.S. Securities and Exchange Commission’s (SEC)  recently filed a lawsuit against XRP for raising over $1.3 billion through an unregistered, ongoing digital asset securities offering.