Written by Logan

On January 16, 2021

SEC sues Ripple – XRP trading halted, and our response

The U.S. Securities and Exchange Commission’s lawsuit against  Ripple has captured the attention of the cryptocurrency industry. The accusations against Ripple are serious and the potential consequences significant. As a result, a number of exchanges have halted the ability for XRP to be used as a trading pair or to be sold on their platform. The team here at Metal has been carefully monitoring this situation, which has led us to join this growing number of cryptocurrency exchanges in halting trading of XRP on our platforms.

Effectively immediately, Metal Pay users will be unable to buy, sell, or trade XRP. Any XRP that you may hold on Metal Pay is still able to be withdrawn to a different wallet. XRP wallet services will be discontinued on April 15th, 2021.

While we prefer to provide ample notice when delisting a cryptocurrency, we hope that you understand the difficult situation that we and other cryptocurrency exchanges have been placed in as a result of this litigation against Ripple. We have been saying for years, to anyone who would listen, that regulatory shake-ups were coming to the cryptocurrency industry.  This is why we’ve worked meticulously to make Metal platform regulation-compliant while maintaining a great user experience.

No matter what regulatory shake-ups come, the team at Metal remains vigilant and flexible, ready to meet whatever new challenges await. Our projects have been designed with future regulations in mind, and we are encouraged to see that our countless hours of work will benefit our users and our developers as they enjoy a cryptocurrency ecosystem unaffected by these regulatory changes.

Please contact our Support Team with any concerns you may have about XRP hosted on Metal Pay. To stay aware of the latest advancements from the Proton team, be sure to follow us on social media and check out our blog.

🤘 Your friends at Metal 🤘

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