In brief

  • This week the SEC filed a $1.3 billion lawsuit against Ripple Labs, the company associated with XRP.
  • Since then, a number of exchanges and firms have stopped dealing with the currency—sending its price plummeting.
  • London-based trading firm B2C2 is the latest, according to reports.

Crypto trading firm B2C2 has stopped XRP trading with US counterparties, according to reports. 

Crypto news outlet The Block yesterday reported that the London-based company confirmed it would stop providing its US clients with XRP. 

Decrypt has reached out to the firm to confirm the news. B2C2 is a large trading company that helps brokerages, exchanges and fund managers make cryptocurrency transactions. 

B2C2 is the latest company to distance itself from XRP, the fourth-largest cryptocurrency by market cap, since the company associated with the asset, Ripple Labs, got hit with a $1.3 billion lawsuit. 

The US Securities and Exchange Commission (SEC) on Tuesday filed a lawsuit against the company, alleging that it had raised $1.3 billion in unregistered securities offerings since 2013.

Since then, XRP has suffered: its price has sunk; its market dominance has dipped; and a number of exchanges don’t want anything to do with the asset. Bitstamp is by far the biggest exchange to distance itself from XRP—on Friday it announced US customers would not be able to trade the currency. 

At the time of writing, XRP’s price was trading at $0.289651, a fall of 5.27% in 24 hours, according to CoinMarketCap. 

XRP is a centralized cryptocurrency designed to help banks move money quickly and cheaply. 

Ripple Labs is the company that backs the technology. It denies the allegation that it raised money illegally.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.