Thousands of Merchants Will No Longer Be Able to Accept XRP as CoinGate Suspends Support for Cryptocurrency

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Wed, 01/13/2021 - 14:20
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Alex Dovbnya
Crypto payments company CoinGate will pull the plug on XRP until there's more certainty regarding Ripple's legal battle with the SEC
Thousands of Merchants Will No Longer Be Able to Accept XRP as CoinGate Suspends Support for Cryptocurrency
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Lithuania-based cryptocurrency payments provider CoinGate has made an announcement about suspending support for XRP, the token issued by Ripple Labs, on Jan. 15.

This means that over 4,000 merchants will no longer be able to accept the cryptocurrency via this service.

The suspension is related to Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission. CoinGate is no longer able to exchange XRP for merchants.   

Launched in 2014, CoinGate made it possible for businesses around the globe to get paid in Bitcoin and various altcoins. As of now, it supports over 50 cryptocurrencies.

BitPay, the leader in the cryptocurrency payments business with over 50,000 merchants, is yet to make a similar move after adding support for XRP one year ago.

Related Coinbase Now Allows Bitcoin, Ethereum, XRP Holders to Pay for Goods Directly from Their Accounts
Related
Coinbase Now Allows Bitcoin, Ethereum, XRP Holders to Pay for Goods Directly from Their Accounts

Very few friends

Plenty of major exchanges will be suspending or delisting XRP trading pairs left and right. Binance.US users will not be able to deposit the token starting from today.

Exchanges
Image by @stedas

Uphold, Bittrue, and Gatehub are among very few XRP-friendly exchanges that have refused to drop XRP until the complaint against Ripple is abjudicated by the court.

While the company was eager to work with the SEC's new leadership, the upcoming appointment of crypto-savvy Wall Streeter Gary Gensler as the agency's new boss indicates there will be no shift in its stance that XRP is an unregistered security.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.