Bitstamp will begin halting trading and deposits for XRP for all US customers, the cryptocurrency exchange announced on Friday.

“In light of the SEC’s recent filing alleging XRP is a security, we are going to halt XRP trading and deposits for all US customers on January 8, 2021,” the exchange tweeted.

In a blog post, Bitstamp stated that it “will closely follow the unfolding situation and continue to adapt accordingly.” According to data from CoinGecko, Bitstamp’s XRP/USD pair generated $120M in 24-hour volume.

On Tuesday, the SEC filed a complaint and alleged that Ripple and its two executives, CEO Brad Garlinghouse and co-founder Chris Larsen, have raised more than $1.3 billion via an ongoing, unregistered securities XRP sales.

Following the SEC’s complaint, many market makers and exchanges like Jump Trading and CrossTower began ending support for XRP.


Editor’s note: Headline has been updated to clarify the trading halt is targeted at Bitstamp’s U.S. customers

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.