Coinbase, a leading cryptocurrency exchange, has recently shared positive news for its users in New York. The platform has announced that residents of New York will now be able to trade the popular cryptocurrency token XRP. This exciting update was posted on Coinbase’s official social media account.
Great news for our users in New York! XRP (XRP) is now available for trading to NY residents on
https://t.co/CD3RBjtMAO
and on the Coinbase iOS & Android apps.
pic.twitter.com/Nbnqr6BphE
— Coinbase Assets ️ (@CoinbaseAssets)
May 23, 2024
Coinbase Introduces XRP Trading in New York
In a recent announcement, Coinbase stated that it will allow users to trade the XRP coin on its mobile apps. This means that customers in the state of New York can now take advantage of this service through the Coinbase Android and iOS apps. They also have the option to visit the exchange’s official website, “coinbase.com,” for this purpose. In another update, the platform informed users that they can log in to perform various on-chain operations.
These activities include storing, receiving, sending, converting, selling, and purchasing assets. According to reports, XRP has officially become available for Coinbase customers in New York. Paul Grewal, Coinbase’s top lawyer, announced this development on social media last Thursday. Grewal mentioned that the company made this decision based on user demand.
He also stated that Coinbase partnered with the state to reintroduce trading with the XRP token. The platform had suspended trading of this asset in January 2021 after Ripple, the issuer of XRP, was sued by the United States Securities and Exchange Commission. However, in July of the same year, Coinbase changed its plan.
Reports suggest that the company made efforts to relist the token, which had been controversial at the time. To achieve this, Coinbase collaborated with other exchanges following a court decision to exclude secondary XRP sales from being classified as securities.
The Challenges of Operating in New York
Prior to this, Coinbase had not supported the XRP token within the jurisdiction of New York. The state is well-known for its strict cryptocurrency regulations and the challenges it poses to entities offering services in the region. The “BitLicense” program in New York has created difficulties for crypto entities operating within its jurisdiction.
Tags:
XRP
