OTC platform B2C2 halts XRP trading for US residents

Over-the-counter (OTC) platform B2C2 has joined the list of organisations that have stopped XRP token trading for US customers. It was announced by The Block.

Focused on institutional traders, the UK-based platform is one of the largest market makers in the cryptocurrency Bitcoin Investor industry. The company operates in the US through its B2C2 USA division, which launched in 2019.

The platform stopped XRP trading for US residents last Thursday, shortly before requiring voice confirmation when closing positions.

Customers from other countries are still able to trade the token, but need to secure short positions in advance.

Earlier this week, cryptocurrency bank Galaxy Digital and Chicago-based Jump Trading stopped supporting XRP. Also the Bitstamp exchange decided to close the possibility of trading the token for U.S. users.

Recall that on 23 December the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, CEO Brad Garlinghouse and its co-founder Chris Larsen. According to the agency, the company sold unregistered securities in the form of tokens for seven years and raised $1.3bn during that period.

Commenting on the proceedings, Garlinghouse said the SEC’s lawsuit could get other cryptocurrency companies and digital assets in trouble.

At the time of publication, the XRP token is trading around $0.294, having lost 5.4% in the last 24 hours. The weekly decline was almost 50%.