Coinbase, a cryptocurrency exchange, has re-enabled XRP trading for its New York customers as of Thursday, following a suspension that began in January 2021.
A legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, which developed the XRP ledger, led to the suspension of XRP trading.
New York is known for its stringent cryptocurrency regulations.
This reinstatement will allow local users to trade and store XRP on Coinbase, including through its mobile app.
The reintroduction of XRP trading in New York on May 23 indicates Coinbase’s compliance with the state’s regulatory standards, including the BitLicense framework.
This move follows a trend of expanding cryptocurrency services in New York, as seen with Robinhood’s recent addition of new crypto assets for New York clients.
Coinbase’s Chief Legal Officer, Paul Grewal, announced the relaunch, emphasizing the exchange’s efforts to work with New York State regulators to facilitate XRP’s comeback.
The decision to resume XRP trading follows a 2023 court decision that clarified the legal status of secondary XRP sales, leading to its reinstatement on various U.S. trading platforms.
Following the announcement, XRP’s price has seen minor fluctuations, hovering around US$0.53, CoinGecko data shows.