$0 USD

DECEMBER 2015

GLOBAL

RIPPLE TRADE

DESCRIPTION OF EVENTS

"Launched in 2012, Ripple aims to support instant cross-border payments through its network and gateways. These gateways can be integrated by financial institutions, several of which have joined the network or have explored doing so over the past two years."

 

"Ripple Trade is one of Ripple Labs' recent additions to its suite of services." "The Ripple Trade client is an open-source GUI for the Ripple network that facilitates the peer-to-peer exchange of any store of value. It’s the only platform where you can trade between stores of value spanning fiat, cryptocurrencies, commodities, and unusual assets like pre-1965 silver dimes." "Ripple Trade [was] available at www.rippletrade.com."

 

"The exchange Ripple Trade allowed users to trade between fiat and the digital currency." "According to its website, the platform facilitates the trading of hundreds of assets including fiat currencies, and gold. It was intended to be the most direct and economical venue to acquire Ripple’s XRP currency." "There are no trading fees." "Accounts [we]re fully activated via deposits of Bitcoin or XRP."

 

"The service goes a step further to decentralize its model with its unique credentials and logins procedure. It does not act as trusted custodian to manage login credentials, and does not offer a mechanism of recovery should you forget your password. Instead, it displays a one-time secret key, which should be recorded and stored in a safe place. The key acts as a backup to unlock your account."

 

"In 2014, the [Ripple] currency had continued its operations to become a bank-to-bank model involving itself with many institutions and also following regulatory policy. At the end of the year, the gateway XRP users had used in the past to sell the token for fiat called Ripple Trade, has now revealed its own policy towards its users. The platform would require verified identification in order to operate its system. This had created quite a stir in the decentralized community as sell-offs started occurring again dropping the tokens value."

 

"Ripple has added a small notice on its Ripple Trade website stating that the company encourages its existing users to verify their identity details before August 30, 2015. Identity verification is optional until the deadline and existing users can continue to trade with their unverified accounts until the deadline. It also mentioned that the company is pausing all account signups until further notice." "RippleTrade [started] requiring a government issued ID and other personal information October 31 2015."

 

"Thanks to the recent crackdown by US Financial Crimes Enforcement Network (FinCEN) where Ripple was slapped with a $700,000 fine for non-compliance of regulations while operating as a money services business and selling its virtual currency. FinCEN had found that the parent company of Ripple Labs — XRP II, LLC had willfully violated the Banking Secrecy Act by not implementing effective Anti-Money Laundering (AML) program. Since the enforcement drive, Ripple has suspended all new signups on Ripple Trade."

 

“We are discontinuing operations of rippletrade.com.” ~ Ripple Support

 

“Thus, in the best interest of the Ripple ecosystem, we are discontinuing support for Ripple Trade in early 2016. The exact date is to be determined as we’re focused right now on providing a smooth a transition to new wallets and gateway services for Ripple Trade customers.” ~ Ripple Support

 

"Ripple has set up an "optimal migration path" for users to move their holdings from Ripple Trade to GateHub. Alternatively, they can make a manual transfer to external wallets."

 

"US-based users have until January 13 to migrate their funds through a gateway or to another wallet provider, after which the funds will no longer be accessible. Users based outside of the US will have longer; an exact deadline for them is yet to be determined."

The Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub.

Sources And Further Reading

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