PayBito Halts Trading of XRP in Light of the Recent Action of Securities and Exchange Commission

By AIT News Desk On Feb 21, 2021

Global crypto exchange PayBito suspends trading of XRP in light of the SEC’s latest action against Ripple Labs, Inc, thereby pulling up the feature temporarily

Global trading platform and cryptocurrency exchange PayBito temporarily halts its XRP trading feature in light of the SEC’s latest action against Ripple Labs, Inc. Due to a lawsuit filed by the US Securities and Exchange Commission (SEC), PayBito has made the choice to suspend its XRP trading pairs on the platform.

The trading suspension of the crypto exchange is not going to affect the user’s access to the XRP wallet. XRP wallets will still remain available, thereby aiding users to send out XRP to other exchanges. PayBito is likely to monitor legal developments associated with XRP and update users accordingly as more information unwraps.

Speaking about the trading suspension, Raj Chowdhury, Managing Director of PayBito, commented, “PayBito remains committed when it comes to being the most reliable trading platform for cryptocurrencies. We aim to offer our users wide access to a broad assortment of assets, thereby following the mission of building an open financial system for users across geographies. Our decision for suspending XRP trading will certainly not affect our users’ access to factors like security and compliance, thereby allowing them to transfer XRP’s from their wallets to other exchanges”

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Apart from PayBito, many high-profile exchanges also lately unveiled their decisions to suspend XRP trading, owing to the announcement of the SEC’s lawsuit.

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Recently, PayBito tied up with an Asian enterprise to help them with their white-label solutions. PayBito’s white label infrastructure is likely to aid the Asian enterprise in making the most of the robust exchange software, thereby experiencing a seamless expanse of operating exchanges, hence developing their business and brand.

PayBito’s decision to support the trading suspension is entirely subjected to regulatory approval and the commencement of XRP trading activities is under wraps for the moment. Being temporarily suspended, PayBito’s plans regarding the withdrawal of XRP trading halt strictly happens to be based on specific jurisdictions at this time.