Coinbase, a leading cryptocurrency exchange, has made an exciting announcement for its customers in New York. The platform has revealed that users based in NY will now have access to trade the popular cryptocurrency token XRP. This news was shared on the company’s official social media account X.
Great news for our New York customers! XRP (XRP) is now accessible to NY residents on
https://t.co/CD3RBjtMAO
& in the Coinbase iOS & Android apps.
pic.twitter.com/Nbnqr6BphE
— Coinbase Assets ️ (@CoinbaseAssets)
May 23, 2024
Coinbase Opens Up XRP Trading in New York
In a recent announcement, Coinbase stated that it will allow trading of the XRP token on its mobile apps. This means that users in New York will now be able to utilize this service on both the Coinbase Android and iOS apps, as well as on the official website “coinbase.com”. Additionally, users can also engage in on-chain activities such as storing, receiving, sending, converting, selling, and purchasing assets. According to reports, the XRP token is now officially available for Coinbase customers in New York. The company’s chief legal officer, Paul Grewal, shared this news on social media on Thursday, mentioning that this decision was made in response to user demand.
Grewal explained that, in response to the interest shown by customers in the token, Coinbase collaborated with the state to enable this service. The trading of the asset was previously suspended in January 2021 after the United States Securities and Exchange Commission sued Ripple, the issuer of XRP. However, in July of the following year, Coinbase decided to relist the token in collaboration with other exchanges, following a court decision excluding secondary XRP sales from securities regulations.
New York’s Regulatory Challenges for Crypto Entities
Despite this, Coinbase had not previously supported the token within the jurisdiction of New York. The state is known for its stringent cryptocurrency regulations, particularly the “BitLicense” framework, which presents challenges for entities operating in the region.