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Cryptocurrency market maker B2C2 has suspended trading with its US counterparty XRP

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The move follows similar moves by companies such as Galaxy Digital and Jump Trading

BlockBeats -- Cryptocurrency market maker B2C2 suspended trading with ITS US counterparty XRP on Thursday (Dec 24) after the US Securities and Exchange Commission (SEC) sued Ripple.

As one of the largest market makers in the cryptographic market, B2C2 operates in the United States through B2C2 USA. The unit, which started in 2019, approached B2C2's US counterparties and warned customers in a memo this week that the company "may take further action with regard to XRP product transactions".

"We will keep our customers informed of any future developments," the company said at the time.

As of 3 p.m. Est on Thursday, U.S. customers will be able to trade XRP using B2C2 as normal. That is, it does require clients seeking to unwind XRP positions to trade by voice. Non-us clients can still trade XRP with the company, but must pre-fund all short trades.

Before that, NBSP; Galaxy Digital Companies such as Jump Trading and XRP have taken similar action, and all have stopped serving as market makers.

SBI Holdings, which announced the acquisition of B2C2 earlier this month, has a unique relationship with XRP and Ripple. SBI is one of Ripple's leading investors in its $200 million Series C funding.

In January, SBI said it would give shareholders XRP as an option for stock returns.