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XRP Returns to Coinbase in New York After Three Years

Coinbase has brought back XRP for its New York customers as Ripple overcomes regulatory barriers

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Coinbase has brought back XRP to its platform in New York after withdrawing the token three years ago.

XRP was dropped by Coinbase in 2021 following a lawsuit against Ripple and its founders. At the time, the SEC had accused Ripple of conducting an unregistered securities offering worth $1.3 billion by selling XRP.

Along with other centralized exchanges such as Bittrex and Binance.US, Coinbase delisted XRP in response to the lawsuit.

However, in 2023, Judge Analisa Torres ruled that XRP “not necessarily a security on its face.”

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Coinbase attempted to relist XRP on its platform but the token faced regulatory hurdles in the US. The New York Department of Financial Services (NYDFS) removed Ripple from its "Greenlist" of companies, forcing Coinbase to restrict XRP trading for its New York customers.

On Thursday, Coinbase's chief legal officer, Paul Grewal, said XRP will return to the platform.

"XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up," Grewal announced on X.

Although the SEC has dropped charges against Ripple's highest executives, the crypto industry veteran isn't completely in the clear. In its latest exchange with the regulator, Ripple has filed a rebuttal to the SEC's $2 billion fine proposal.

Last month, the SEC said Ripple should pay $2 billion in fines for selling XRP to institutional investors. Ripple CEO Brad Garlinghouse said at the time that there was "absolutely no precedent" for the SEC's demands.

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Ripple has since argued that the penalty should be closer to $10 million. "Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public," said Ripple chief legal office Stuart Alderoty on Monday.