In the wake of the Securities and Exchange Commission's lawsuit against Ripple, crypto market-making firm B2C2 halted the trading of XRP with U.S.-based counterparties on Thursday, a representative of the firm confirmed to The Block.
As one of the largest market-making firms in the crypto market, B2C2 operates in the U.S. through B2C2 USA. The unit, which launched in 2019, engages with B2C2's U.S. counterparties and previously alerted clients in a memo this week that the firm "may take further actions regarding trading in XRP products."
"We will promptly notify clients of any future developments," the company said at the time.
Up until Thursday at 3 p.m. EST, U.S.-based clients could trade XRP normally with B2C2. That said, it did require clients looking to close XRP positions to execute their trade by voice. Non-U.S. clients can still trade XRP with the firm but are required to pre-fund all short trades.
The move follows similar actions by trading firms like Galaxy Digital and Jump Trading, which both halted their XRP market-making.
SBI Holdings, which announced its acquisition of B2C2 earlier this month, has a unique relationship with XRP and Ripple. SBI is one of Ripple's leading investors and took part in the firm's $200 million Series C.
In January, SBI said it would give shareholders the option to receive XRP as a stock benefit.