Finance Breaking news MoneyGram suspends Ripple pact over SEC suit last financial news

Breaking-Finance.Com - MoneyGram has suspended trading on Ripple's platform over concerns about the latter's litigation with the Securities and Exchange Commission.

Finance Breaking news MoneyGram suspends Ripple pact over SEC suit last financial news

Breaking-Finance.Com - MoneyGram has suspended trading on Ripple's platform over concerns about the latter's litigation with the Securities and Exchange Commission.

Finance Breaking news MoneyGram suspends Ripple pact over SEC suit last financial news
22 February 2021 - 18:00

Breaking-Finance.Com - MoneyGram has suspended trading on Ripple's platform over concerns about the latter's litigation with the Securities and Exchange Commission. In 2019 Ripple agreed to invest up to $50 million in MoneyGram as part of a two-year partnership that has seen the old-school money transfer player tap the blockchain startup's XRP digital currency for cross-border payment and foreign exchange settlement.Ripple has effectively been paying MoneyGram to use its on-demand liquidity service, with the money transfer outfit seeing a "net expense benefit" of $12.1 million from Ripple market development fees in the first quarter of 2020.However, late last year the SEC filed a regulatory lawsuit against Ripple Labs Inc.

.3 billion through an unregistered, ongoing digital asset securities offering".The complaint mentions the MoneyGram arrangement, although not the company by name, saying: "The Money Transmitter became yet another conduit for Ripple’s unregistered XRP sales into the market, with Ripple receiving the added benefit that it could tout its inorganic XRP ‘use’ and trading volume for XRP."Reporting its fourth quarter results, MoneyGram now says: "[T]he Company is not planning for any benefit from Ripple market development fees in the first quarter. Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple's platform."

Source = Breaking-Finance.Com

Financial breaking news

This news 33 hits received.

Finance Breaking news MoneyGram suspends Ripple pact over SEC suit last financial news


Finance Breaking news MoneyGram suspends Ripple pact over SEC suit last financial news


Finance Breaking news MoneyGram suspends Ripple pact over SEC suit last financial news


Finance Breaking news MoneyGram suspends Ripple pact over SEC suit last financial news

COMMENTS

  • 0 Comment
MAY INTEREST YOU x
Finance Breaking news US banks to pilot credit for people with no credit score - WSJ last financial news
Finance Breaking news US banks to pilot credit for people with no...
Finance Breaking news Spanish stock exchange to test blockchain for SME financing last financial news
Finance Breaking news Spanish stock exchange to test blockchain for...