Coinbase Brings $XRP Trading to New York Users

Coinbase, a prominent crypto exchange, has recently announced good news for users residing in New York. The platform has disclosed that the NY-based consumers of the crypto exchange will have the availability of the popular crypto token XRP for their trading operations. The company revealed this exciting move on its official account on the social media forum X.

📢 Exciting news for our New York users! XRP (XRP) is now available 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 Enables Trading with XRP in New York

In its recent X post, the firm noted that it will enable the trading of the XRP coin on its apps. Hence, consumers in the US state will be able to leverage this service on Coinbase Android and iOS apps. In addition to this, they can also go to the exchange’s official web portal “coinbase.com” for that purpose. In another post, the platform shared that it will let the clients login for several on-chain operations.

These activities take into account the storing, receiving, sending, converting, selling, and purchasing of the assets.  As per the reports, the XRP token has officially gone live for Coinbase customers in New York. Paul Grewal, the top lawyer of the crypto exchange, announced this move on social media on Thursday. While discussing this, the executive mentioned that the company has made this development by considering the user demand.

Grewal added that, in line with the interest of the clients in the token, the exchange partnered with the state. The platform suspended the trading with the respective asset back in 2021’s January. This took place following the United States Securities and Exchange Commission sued Ripple (the XRP issuer). Then in July last year, the crypto exchange had a change of plan.

As the reports reveal, the company attempted to relist the token which had become controversial until then. To carry out this endeavor, the crypto exchange made a joint effort along with some other exchanges. This occurred when following the court’s decision for the exclusion of the secondary XRP sales from the securities.

The US State Poses Several Difficulties for Crypto Entities within Its Jurisdiction

Nonetheless, Coinbase had not provided support for the token within the jurisdiction of New York up till this time. The well-known US state occupies a significant position in terms of implementing strict crypto regulations. The “BitLicense” agenda of New York poses several challenges to entities providing services within the region.