Crypto alternate OKCoin introduced it might delist XRP following the information that the U.S. Securities and Trade Fee could be pursuing authorized motion in opposition to Ripple.

In a weblog publish launched at present, OKCoin said its “greatest plan of action” in response to the latest SEC lawsuit could be to droop buying and selling and deposits of XRP. The alternate wrote that the suspension would happen over two days. Customers who borrowed XRP/USD by means of OKCoin “are required to return the borrowed worth” earlier than Jan. 3. The next day, the alternate will droop spot buying and selling, margin buying and selling and deposits for XRP.

“It’s probably that this case will take time to achieve a decision,” mentioned the OKCoin weblog. “We’ll proactively inform our clients when we’ve info which will change our place.”

OKCoin’s place comes following the SEC unveiling prices in opposition to Ripple in addition to CEO Brad Garlinghouse and co-founder Chris Larsen on Dec. 22. The fee alleges that the agency and execs engaged in an “unregistered, ongoing digital asset securities providing” to buyers since 2013 by means of gross sales of the XRP token. Garlinghouse responded by saying the SEC “voted to assault crypto” and was doing “the alternative of ‘fostering innovation'” in the USA.

Since information of the SEC prices broke, the worth of XRP has fallen greater than 36% as some exchanges have introduced they’d halt buying and selling for the token, together with OSL, Beaxy and CrossTower. Digital asset alternate Bitstamp can also be planning to suspend XRP buying and selling, however just for customers based mostly within the U.S. Nonetheless, delisting XRP on OKCoin — ranked at #29 in response to CoinMarketCap — could also be a precursor for big exchanges to observe.

On the time of publication, the worth of XRP was $0.28, having fallen 3.5% within the final 24 hours.