The crypto exchange Coinbase reintroduced support for XRP in New York on May 23, allowing residents to buy and sell the cryptocurrency on its platform once again. New York-based users of Coinbase can now trade or store Ripple (XRP) on Coinbase.com or the crypto exchange’s iOS and Android mobile apps.
Coinbase Chief Legal Officer Paul Grewal announced the news on X, emphasizing the collaborative effort with the state to facilitate the token’s return.
“We heard you and put in the work in strong partnership with the State [to bring back XRP support for NY-based clients],” Grewal stated. “We are back up.”
Coinbase Restores XRP Trading for New York Clients After Regulatory Clearance
Coinbase initially introduced XRP support in the U.S. in 2019. In January 2021, the exchange suspended trading of XRP due to a lawsuit from regulators against its issuer, Ripple Labs, regarding the token’s status as a security.
Although Coinbase reinstated XRP trading later in 2021 after a court ruling clarified that secondary sales of XRP did not constitute securities transactions, despite this, trading for New York customers was unavailable until the recent announcement. New York’s regulatory framework is known for its rigorous standards, making it challenging for cryptocurrency companies to operate within the state.
XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024
In 2015, it introduced its BitLicense program, which prohibits digital currency companies from conducting activities in the state without obtaining a much-coveted license. Very few companies have actually managed to obtain BitLicenses.
In September 2023, the New York Department of Financial Services (NYDFS) removed XRP from its “Greenlist,” which means licensed entities in New York could no longer custody or offer services related to XRP without individual approval.
Coinbase Expands Cryptocurrency Offerings
Coinbase initially introduced XRP support for its retail platforms in February. At the time, this did not include residents of New York and the U.K, however.
In a recent move, Coinbase launched a “fast and free” payment service using XRP and USDC stablecoin. The service is primarily an educational resource to help customers understand the benefits of using cryptocurrency for cross-border payments. A Coinbase representative explained to CoinDesk that the initiative is designed to demonstrate the efficiency and cost-effectiveness of cryptocurrency transactions.
Ripple is currently trading at $0.5352 with a 24-hour trading volume of $1,439,575,221.18. XRP has seen a 0.59% price increase over the last 24 hours and a 3.64% increase over the past week. With a circulating supply of 55 billion XRP, its market capitalization is at $29,279,423,909.
This development follows a similar announcement from the trading platform Robinhood, which recently made Shiba Inu (SHIB) available to trade with New York customers. Additionally, Robinhood has listed Avalanche (AVAX) and Compound (COMP), expanding trading options for its users in New York alongside Shiba Inu.
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