The Kraken cryptocurrency exchange has become the latest in a series of top-tier platforms to delist XRP, one of the world's largest digital currencies. The decision was prompted by a lawsuit filed in December by the US Securities and Exchange Commission (SEC) against XRP custodian Ripple, its CEO Brad Garlinghouse, and Chairman Chris Larsen. The lawsuit is based on the classification of XRP as a security (i.e., a financial asset that the investor intends to earn a profit) rather than a currency or medium of exchange. The SEC says the XRP sale violated federal securities law because Ripple failed to properly classify its product, and by extension, failed to provide enough information to investors. “Given the recent SEC filing against Ripple Labs Inc., we are suspending XRP trading for US residents no later than January 289, 2021 5:00 pm PT,” Kraken explained in a statement. blog post. According to the firm, the measure will only affect customers based in the United States. While you can no longer buy XRP, US residents will still be able to deposit, hold, or withdraw through the Kraken wallet service. The company explained that it could not yet say how long the restrictions will last. "We are monitoring the situation regarding the SEC filing and will adapt according to any new developments," he added.