{"id":36865,"date":"2021-02-23T10:24:00","date_gmt":"2021-02-23T08:24:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36865"},"modified":"2025-08-29T08:31:41","modified_gmt":"2025-08-29T05:31:41","slug":"moneygram-halts-cooperation-with-ripple-amid-sec-lawsuit","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/moneygram-halts-cooperation-with-ripple-amid-sec-lawsuit\/","title":{"rendered":"MoneyGram halts cooperation with Ripple amid SEC lawsuit"},"content":{"rendered":"<p>MoneyGram, the money-transfer service, discontinued the use of an XRP-based product amid allegations by the U.S. Securities and Exchange Commission (SEC) against Ripple, according to the company&#8217;s report.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\u201cOur dedicated employees rallied together to deliver the industry\u2019s best customer experience, rapidly accelerate digital growth, and expand key partnerships,\u201d said CEO <a href=\"https:\/\/twitter.com\/walexholmes?ref_src=twsrc%5Etfw\">@walexholmes<\/a><\/p>\n<p>View MoneyGram\u2019s fourth quarter and full-year 2020 financial results here: <a href=\"https:\/\/t.co\/quYoYZm5IH\">https:\/\/t.co\/quYoYZm5IH<\/a> <a href=\"https:\/\/t.co\/TMeziaE7fB\">pic.twitter.com\/TMeziaE7fB<\/a><\/p>\n<p>\u2014 MoneyGram International (@MoneyGram) <a href=\"https:\/\/twitter.com\/MoneyGram\/status\/1363890098220249088?ref_src=twsrc%5Etfw\">February 22, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the first quarter of 2021, MoneyGram did not expect any revenue from its partnership with the California-based firm.<\/p>\n<blockquote>\n<p>\u201cDue to the uncertainty surrounding the SEC litigation, the company suspended trading on the Ripple platform,\u201d the statement read.<\/p>\n<\/blockquote>\n<p>Since mid-2019, MoneyGram has used the On-Demand Liquidity system to process cross-border payments. For interacting with it the service earned commissions in XRP.<\/p>\n<p>In the same year Ripple closed a $50 million deal with MoneyGram. In the second quarter of 2020 the company paid the partner <a href=\"https:\/\/forklog.com\/en\/news\/moneygram-received-15-1-million-in-xrp-from-ripple-in-q2\">$15 million<\/a>, in the third \u2014 <a href=\"https:\/\/forklog.com\/en\/news\/moneygram-earned-9-3-million-from-ripple-in-the-third-quarter\">$9.3 million<\/a>, in the fourth \u2014 <a href=\"https:\/\/www.prnewswire.com\/news-releases\/moneygram-international-reports-fourth-quarter-and-full-year-2020-financial-results-301232255.html\" target=\"_blank\" rel=\"nofollow noopener\">$8.5 million<\/a>.<\/p>\n<p>At the end of 2020, <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-ripple\">the SEC accused Ripple<\/a> of selling unregistered securities in the form of tokens worth $1.3 billion. Later the regulator <a href=\"https:\/\/forklog.com\/en\/news\/sec-clarifies-brad-garlinghouses-liability-in-ripple-lawsuit\">clarified the liability<\/a> of Brad Garlinghouse, the company\u2019s CEO, and co-founder Chris Larsen.<\/p>\n<p>Against the backdrop of the SEC claims, major platforms dropped support for the XRP token. Among them <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-and-okcoin-halt-xrp-trading-amid-sec-lawsuit\">Coinbase and OKCoin<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/galaxy-digital-halts-support-for-ripple-token-amid-sec-lawsuit\">Galaxy Digital<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/bitstamp-halts-xrp-trading-for-us-customers-as-token-price-resumes-decline\">Bitstamp<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/otc-platform-b2c2-halts-xrp-trading-for-u-s-residents\">B2C2<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/etoro-to-suspend-xrp-trading-for-us-users\">eToro<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/kraken-to-halt-xrp-trading-for-us-residents\">Kraken<\/a>.<\/p>\n<p>Grayscale Investments announced the liquidation of an XRP-based investment trust, and 21Shares <a href=\"https:\/\/forklog.com\/en\/news\/21shares-excludes-ripple-token-from-its-etps\">excluded the Ripple token<\/a> from its exchange-traded products.<\/p>\n<p>Earlier, MoneyGram had taken a wait-and-see stance since the lawsuit was filed. At that time the service did not see any negative impact on its cooperation with the California-based company.<\/p>\n<p>Follow ForkLog on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MoneyGram, the money-transfer service, discontinued the use of an XRP-based product amid the SEC&#8217;s allegations against Ripple, according to the company&#8217;s report.<\/p>\n","protected":false},"author":1,"featured_media":36866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1855,112,128,26],"class_list":["post-36865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-moneygram","tag-ripple","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=36865"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36865\/revisions"}],"predecessor-version":[{"id":36867,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36865\/revisions\/36867"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/36866"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=36865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=36865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=36865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}