According to an email sent to clients and shared with CoinDesk, the firm, which is owned by CoinDesk parent company Digital Currency Group, is suspending XRP trading and lending.
Clients will have until January 15 to sell XRP â€œas long as sufficient liquidity exists,â€ the email read, after which time Genesis will suspend trading and deposits in the token, though withdrawals will still be allowed.
Rippleâ€™s regulatory trouble is apparently driving the decision. The SEC is suing Ripple for what itâ€™s calling a $1.3 billion unregistered security sale. Genesisâ€™ â€œteam is actively monitoring the evolving regulatory situation with XRP,â€ the email read.
For Genesisâ€™ XRP lending markets, the email said that Genesis is calling all loans and that all fixed term loans that mature on or after February 1, 2021 have been called back or terminated.
Genesisâ€™s XRP derivatives markets will continue trading.
The announcement makes Genesis the latest in a host of crypto exchanges to announce that they are suspending XRP trading until the outcome of the lawsuit becomes clear.
Genesis has not yet responded to CoinDeskâ€™s request for comment.