Coinbase, one of the world's largest cryptocurrency exchanges, announced the resumption of XRP trading in New York.
The announcement was made by Paul Greal, Coinbase's Chief Legal Officer, and Greal said: “XRP trading on Coinbase is available again in NY. We have listened and worked in strong partnership with the state. And now we can announce, we are back in business.” “
XRP trading has been restricted in New York since December 2020, when the New York Attorney General's Office filed a lawsuit against Ripple Labs. This led to many cryptocurrency exchanges suspending XRP trading for New York residents.
However, New York residents looking to purchase XRP had to resort to using a cryptocurrency exchange registered with the New York State Department of Financial Services (NYDFS) and authorized to operate in the state. Some of these exchanges were Bitstamp, Bitfinex and Bittrex.
In a significant development last July, Coinbase, along with other exchanges, moved to relist the controversial token following a court ruling stating that secondary sales of XRP were not securities. Despite this, trade was not supported in New York until now.
*This is not investment advice.
