Moneygram Halts Using Ripple Due to SEC Lawsuit Over XRP Cryptocurrency
Moneygram has announced that it has suspended using Ripple’s platform due to the lawsuit against Ripple Labs and its executives by the U.S. Securities and Exchange Commission (SEC). Last year, the company earned $50.2 million from Ripple for using the platform. Moneygram Stops Using Ripple’s Platform Moneygram International announced Monday that it has suspended trading on Ripple’s platform. The announcement came as part of the company’s earnings report for the fourth quarter and full year 2020. For the year 2020, Moneygram recorded total revenue of $1,217 million;....
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One of the world’s biggest remittance companies issued a statement addressing the recent turmoil between Ripple and the U.S. Securities and Exchange Commission (SEC) due to a lawsuit filed by the regulator against the crypto company. Moneygram Distances Itself From Ripple in the Midst of the US SEC Lawsuit According to the official statement, Moneygram pointed out that its collaboration with the blockchain firm doesn’t involve using the ODL platform or Ripplenet for direct transfer of consumer funds, “digital or otherwise.” Also, they added that “Moneygram is....
"MoneyGram will continue to monitor the situation" following an SEC lawsuit against its part-owner, Ripple, a spokesperson told CoinDesk.
Ripple Labs Inc. is selling 4 million of its shares in Moneygram, or about a third of its total shareholding in the company. The decision seems in part to be motivated by the surging Moneygram share price and Ripple’s desire to cash out after buying the shares at a premium of $4.10 in 2019. At close on Nov. 27, shares of Moneygram were down 4.8% at $7.42 on the Nasdaq Stock Exchange. However, the stock has soared 260% year-to-date, rising from $2.06 on Jan. 2. Ripple will earn nearly $30 million if it sold its 4 million Moneygram shares at current market prices – an almost 50%....
"Due to the uncertainty concerning their ongoing litigation with the SEC, the company has suspended trading on Ripple's platform," says MoneyGram's quarterly outlook. Global money transfer service MoneyGram says it has changed its relationship with blockchain payments firm Ripple amid the latter's litigation with the Securities and Exchange Commission.According to MoneyGram's quarterly outlook, the company is "not planning for any benefit from Ripple market development fees" for the first quarter of 2021. MoneyGram said it had a more than $12 million net expense benefit from Ripple in the....
Ripple partner MoneyGram alleging the firm issued misleading statements and failed to disclose XRP's status as an unlicensed security. Payments company MoneyGram International has been sued over alleged false statements, made regarding its partnership with Ripple Labs and their XRP cryptocurrency.The class action lawsuit, filed on March 1 in California, was submitted on behalf of investors who purchased securities from MoneyGram between June 17, 2019, and February 22, 2021. The global investor rights legal practice assert MoneyGram made fraudulent statements regarding its partnership with....