Coinbase, a leading cryptocurrency exchange, has recently delivered positive news to its users in New York. The platform has announced that New York-based customers will now be able to trade with the popular cryptocurrency token XRP. This exciting development was shared on Coinbase’s official social media account.
Great news for our users in New York! XRP (XRP) is now available to residents of NY on
https://t.co/CD3RBjtMAO
& on the Coinbase iOS & Android apps.
pic.twitter.com/Nbnqr6BphE
— Coinbase Assets ️ (@CoinbaseAssets)
May 23, 2024
Coinbase Brings XRP Trading to New York
In its recent announcement, Coinbase stated that it will be enabling XRP trading on its mobile apps. This means that users in the state of New York will have access to this service on both the Coinbase Android and iOS apps. Additionally, they can also visit the official Coinbase website “coinbase.com” to engage in XRP trading. Another post by the platform mentioned that customers will be able to log in for various on-chain activities.
These activities include storing, receiving, sending, converting, selling, and purchasing assets. According to reports, the XRP token is now officially available for Coinbase customers in New York. Paul Grewal, the top lawyer at Coinbase, made this announcement on social media on Thursday. Grewal explained that the decision to offer XRP trading was based on customer demand.
He also mentioned that Coinbase worked in partnership with the state to make this development possible. The platform had previously suspended trading with XRP in January 2021, following a lawsuit filed by the United States Securities and Exchange Commission against Ripple, the issuer of XRP. However, in July of the same year, Coinbase changed its plans.
Reports suggest that the company made efforts to relist XRP, which had been surrounded by controversy. To achieve this, Coinbase collaborated with other exchanges after a court decision excluded secondary XRP sales from securities regulations.
New York’s Strict Crypto Regulations Pose Challenges
Prior to this announcement, Coinbase had not supported XRP trading within the jurisdiction of New York. The state, known for its stringent crypto regulations, presents several challenges for entities providing crypto services in the region. The “BitLicense” initiative in New York has created difficulties for crypto entities operating within its jurisdiction.
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XRP