The SEC complaint accused Ripple of effectively running a $1.3b unregistered offering with its sales of XRP, which the regulator deemed a security and not a cryptocurrency. Exchanges and finance platforms including Crypto.com, Coinbase, and OKCoin said they were suspending trading of the XRP token. Wirex, a crypto-payments firm, and Ziglu, an app, followed suit.
"We have been closely monitoring the news surrounding the December 22nd SEC lawsuit against Ripple, the company behind XRP, and two of its key executives," OKCoin said in a statement on Monday. "As the lawsuit proceedings take place, we have determined it is the best course of action to suspend XRP trading and deposits on OKCoin effective January 4, 2021."