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