March 28, 2024

Ripple and MoneyGram money transfer service terminate cooperation

The termination of the partnership was the result of litigation between the Securities Commission and theUS exchanges (SEC) and Ripple.

California-based Ripple and Cash ServiceMoneyGram transfers terminated cooperation. The main reason is the lack of a legal framework for the regulation of cryptocurrencies. The blockchain project's blog says it is considering renewing the partnership in the future.

MoneyGram carried out cross-border transfers withusing the On-Demand Liquidity (ODL) system, which uses the XRP token. She stopped working with Ripple technology in February this year. This came amid accusations made by the US Securities and Exchange Commission (SEC) against the blockchain project due to an unregistered sale of $ 1.3 billion in securities.

In February, it became known that the SEC and Ripple did notsaw opportunities to settle the dispute before trial during the last negotiations. Due to litigation, many crypto exchanges have decided to suspend XRP trading. In particular, this was reported by the American Coinbase, which is preparing to list its own shares on NASDAQ.

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