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24. Feb. 2021 - News

Bank Frick suspends trading of Ripple (XRP)

Bank Frick suspends trading of Ripple (XRP)

The financial safety of our clients is our primary concern. Due to recent developments regarding the cryptocurrency Ripple (XRP) in the regulatory environment Bank Frick ceases the trading and custody of XRP assets.

In December last year the U.S. Securities and Exchange Comission (SEC) announced that they believe Ripple Labs (the issuer of XRP) violated federal securities laws in selling the XRP cryptocurrency to retail customers. Hence, the SEC filed a lawsuit claiming that Ripple raised $1.3 billion over a substantial period to retail investors without the required licensing. According to the SEC, the XRP had the status of a security but Ripple Labs failed to provide the type of financial and managerial information typically provided in registration statements and subsequent periodic and current filings.

The lawsuit filed by the SEC is followed by a high degree of uncertainty, under which it is not clear how the future of XRP will look like. The lawsuit potentially could end up render the cryptocurrency worthless if it succeeds.

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