The California based crypto exchange Coinbase revealed plans to restore the buying and selling of Ripple native token XRP for New York users. The new development will allow New York users to seamlessly trade their XRP tokens in one of the largest crypto exchanges in the US.
In an X post, the Coinbase chief legal officer Paul Grewal confirmed that New York users would be allowed to trade XRP on the platform. The announcement came months after Coinbase and other crypto exchanges delisted XRP from their platform.
Coinbase Restore XRP Trading
The decision to delist XRP from the trading platform was derived from the long war between Ripple and the US Securities and Exchange Commission (SEC). The market regulators accused Ripple of selling unregistered securities, which was against the law.
The Ripple and SEC case forced leading crypto exchanges such as Coinbase, Bittrex, and Binance, among others, to remove XRP from their trading platform to conform with the law. After a lengthy court case, Judge Anelisa Torres ruled favor of Ripple.
She argued that secondary buying and selling of XRP did not comprise securities sales. The court verdict obliged the Coinbase team to consider relisting XRP. Grewal confessed that the Ripple users had requested Coinbase to relist XRP on the trading platform.
Ripple Vs. SEC Case
The executive confirmed that Coinbase partners with the State regulators to relist XRP on the crypto exchange. The relisting of XRP will allow 20 million New York residents to access the buying and selling of the token through the crypto exchange or mobile application.
The crypto community expressed their excitement about relisting XRP on Coinbase. On the other hand, the XRP price surged by 3%, breaching the $0.5392 resistance level. The strong recovery of XRP demonstrated that one of the best-performing crypto assets will be easily available in the market.
Also, the relisting of XRP on Coinbase indicated that the company’s commitment to complying with the existing regulations, including the New York BitLicense regulation for businesses offering digital assets.
New York Adopt Stringent Rules for Crypto Assets
New York has been known for its stringent crypto regulations that have forced major businesses to exit the market for years. In September, the New York Department of Financial Services (NYDFS) removed Ripple, Litecoin, and Dogecoin (DOGE) from the greenlist of authorized entities for custodial services.
The NYDFS urged the local and foreign firms seeking crypto custodial services to apply for licenses. The regulators added that the State must recognize businesses offering custodial services. The NYDFS instructed crypto custodians to separate company assets from customers’ funds.
Also, the crypto custodian in New York must share the business performance with the authority.
