• Ripple, Coinbase, and Other Top-Tier Exchanges Shoved 286.5 Million XRP

  • Whale Alert, a popular cryptocurrency tracking service, has discovered that in the last 20 hours, the Ripple fintech decacorn and several of the largest crypto exchanges, including Coinbase and Binance, have transferred a staggering 286.5 million XRP tokens.

    The following are the transaction details from Whale Alert and the analytics website Bithomp.

    Ripple and exchanges have shoveled 286.5 million XRP.

    Several large crypto exchanges, including Coinbase, Binance, Huobi, Bitstamp, Bittrex, and Upbit, as well as Ripple blockchain technology provider, have moved the equivalent of $310,783,408 in XRP, according to Whale Alert, which tracks large transfers of various cryptocurrencies. It took 11 transactions for the participants to move such a large amount of XRP.

    In two transactions, Ripple transferred 45,737,504 XRP between internal wallets and sent 20,000,000 XRP to the Bitstamp exchange, which serves as its ODL platform in Luxembourg. Ripple transferred a total of 55.7 million XRP.

    After that, Bitstamp transferred 18 million XRP to Binance. The largest global digital crypto trader also received 23,999,900 XRP in Ripple’s RippleFoundation1 wallet.

    Coinbase moved the coin internally and received the largest single amount of cryptocurrency in one transaction: 61,999,980 XRP, or the equivalent of $70,899,304 USD.

    Upbit sent 28.3 million XRP to Bittrex, a platform based in the United States.

    The SEC has threatened to sue Coinbase, and Ripple’s CTO has stated, “sorry, can’t relate.”

    Coinbase CEO Brian Armstrong tweeted earlier today that the SEC regulatory agency is threatening to sue the exchange over its lending service.

    Armstrong shared the details and his outrage at the Securities and Exchange Commission’s behavior in a lengthy tweet on his Twitter page.

    The product that has prompted the agency to threaten public crypto company Coinbase will go live in just a few weeks. Customers would be able to earn interest on their cryptocurrency assets (while the offering only includes USDC, the stablecoin emitted by the joint efforts of Coinbase, Circle and Centre startups).

    In the thread, the Coinbase CEO lamented the lack of proper cryptocurrency regulation in the United States, his inability to meet with SEC chair Gary Gensler (Armstrong’s suggestion to meet was essentially turned down), and a lack of explanation as to why the agency wants to sue the company. The SEC’s sole justification is that this lending feature would qualify as a security. Meanwhile, Armstrong stated that other cryptocurrency companies have been running similar apps without getting into trouble with the regulator.

    Suing for providing customers with something that the SEC insists is a security sounds familiar to the XRP community. Ripple CTO David Schwartz, on the other hand, commented briefly, stating that he “can’t relate” this to the Ripple case.

    As a reminder, Coinbase was the first crypto exchange to suspend XRP trading in January of this year, following the SEC’s legal action against Ripple in late December.

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