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Home » Business » Coinbase resumes XRP trading in New York

Coinbase resumes XRP trading in New York

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XRP trading returned on the Coinbase exchange last July, but it remained unavailable in New York due to state restrictions.

Coinbase resumes XRP trading in NY

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Paul Grewal, Coinbase’s Chief Legal Officer, announced today that Coinbase has reopened XRP trading in New York (NY). NY residents are now able to buy and sell XRP on the Coinbase platform. Grewal added that the team listened to user feedback and partnered with the state authorities to address the issue.

“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,” Grewal stated.

The resumption stems from a hiatus that began in January, 2021, when Coinbase suspended XRP trading following the SEC’s lawsuit against Ripple. The securities watchdog claimed XRP was an unregistered security.

In response, Coinbase halted XRP trading on its platform, though users could still view their XRP balances, deposit XRP, and withdraw XRP to external wallets.

In July 2023, Coinbase re-enabled XRP trading following a court ruling that determined XRP is not a security when traded on secondary exchanges. The US District Judge clarified that XRP’s sales to institutions might be considered a security, but the token itself does not meet this classification when traded.

While XRP trading returned in July 2023, restrictions remained. Coinbase did not support XRP trading in Japan, New York, and Singapore, according to the firm’s notice.

In September 2023, the New York Department of Financial Services (NYDFS) removed XRP from its “Greenlist.” This means licensed entities in New York can no longer custody or offer services related to XRP without individual approval.

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