OKCoin to Suspend XRP Trading and Deposits on January 4

OKCoin said it will suspend XRP trading and deposits on its crypto exchange, effective on January 4, 2021, according to its statement on Monday afternoon.

The exchange specified two key dates along the suspension timeline. “At 3 a.m. UTC time on January 4, the exchange’s users who have borrowed from the XRP/USD margin pair (incl. Borrowing XRP and USD) are required to return the borrowed value before this time at 3 a.m. UTC time on January 4,” the exchange said. “Delays will trigger a liquidation by our systems to close the loan contracts.”

At 3 a.m. UTC on January 5,  XRP’s spot trading, margin trading, and deposits will be suspended until further notice, according to the exchange.

“It is likely that this situation will take time to reach a resolution. We will proactively inform our customers when we have information that may change our position,” OKCoin said in the statement.

This story is developing and will be updated.