American payment company MoneyGram has decided to suspend the use of the Ripple platform for international transfers due to the ongoing SEC investigation.
On February 19, the US Securities and Exchange Commission (SEC) filed an updated complaint against Ripple. In it, the regulator accuses the company’s CEO Brad Garlinghouse and former CEO Chris Larsen of organizing unregistered sales and manipulating the price of XRP.
“Due to regulatory uncertainty due to the dispute between Ripple and the SEC, our company has suspended work with the Ripple platform,” MoneyGram said in a statement.
Payment operator MoneyGram began testing the Ripple ODL solution for international transfers back in the fall of 2019. True, here the payment company has its own benefit – Ripple has encouraged the use of its platform with partner payments. For example, in the IV quarter of 2020, MoneyGram received payments from Ripple in the amount of $ 8.5 million.In total, in 2020, the amount of payments in favor of MoneyGram was $ 50.2 million.
In mid-2019, Ripple invested $ 50 million in MoneyGram.