B2C2 Becomes Latest Crypto Market Maker To Stop XRP Trading

B2C2 becomes latest crypto market maker to stop all XRP Trading for US-based counterparties following the US Securities and Exchange Commission’s lawsuit against Ripple Labs as we read more today in our Ripple news.

According to a report by the Block, B2C2 becomes the latest crypto market maker to stop all XRP Trading so now non-US clients can still trade the token while the US ones are prohibited from doing so. The traders that can trade XRP still need to pre-fund the short trades according to the report. The platform’s move comes as other crypto exchanges like Bitsamp, OSDL, Beaxy, and Cross Tower decided to halt XRP trading as well as Galaxy Digital and Jump Trading that both stopped XRP-market making.

According to the lawsuit that was filed on Tuesday, Ripple raised $1.3 billion in a seven-year period to the retail investors through the XRP sale so if SEC prevails, XRP will become a pariah token as platforms that continued to list the crypto could have to register as securities exchanges.

In an announcement from Bitstamp, one of the most popular exchanges stopped all trading and deposits in XRP for all United States customers. According to the release, the delisting happened “in light of the recent SEC  filing against Ripple Labs Inc which alleges that XRP is actually a security. The change is to come into effect in January but it’s worth noting that the customers from other countries will not be affected and all other customers will be able to withdraw XRP. Bitstamp is the first major exchange that took action after the SEC-Ripple fiasco and many members of the community speculate that others will follow.

Also, The international payments processor MoneyGram denies using Ripple’s RippleNet and its XRP token after various charges were levied against the company and its founders for selling unregistered securities. In a statement, the company said that it never used Ripple’s on-demand liquidity service or RippleNet in any form despite ripple popularizing the partnership two years ago. The company had a commercial agreement with Ripple since 2019 and with the agreement, the companies agreed on using Ripple’s foreign exchange blockchain trading platform for purchasing or selling four currencies. These businesses don’t directly use XRP but depend on the ripple blockchain for low-fee and quick cross-border transfers. MoneyGram now said that it received intimidation from the company about the lawsuit.