The move is the latest fallout from the U.S. Securities and Exchange Commission’s lawsuit against Ripple, its executive chairman Chris Larsen, and Garlinghouse. The suit says that the $1.3 billion in XRP sales made by Ripple over the past eight years, with $600 million made by the two executives, were illegal sales of securities.
Despite SEC lawsuit, Ripple thriving in Asia Pacific: Brad Garlinghouse
Ripple’s CEO says the company has signed up 15 new clients since the U.S. Securities and Exchange Commission sued it for illegal securities sales
Outside the U.S., Ripple has “been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,” Garlinghouse added. “We’re seeing the activity of XRP liquidity has grown outside the United States and continue to grow in Asia, certainly in Japan.”
Citing SEC suit MoneyGram suspends use of Ripple ODL
The money transfer company is a high-profile user of Ripple’s international payments network as well as its XRP-based On-Demand Liquidity product
In it’s Q4 and full year financial results released today MoneyGram International revealed that it has suspended trading in XRP due to uncertainty over the Securities and Exchange Commission’s lawsuit. The agency has said XRP is an unregistered security illegally sold by Ripple over the past eight years.
Ripple wins contract to power Malaysia-Bangladesh remittances
The partnership between Malaysia’s Mobile Money and Bangladesh’s top remittance service, bKash, comes despite an SEC lawsuit causing Ripple problems in the U.S.
Malaysian mobile finance firm Mobile Money will connect with Bangladesh’s largest mobile financial services provider bKash—and its 45 million customers—via the RippleNet system. The partnership comes at a good time for Ripple, which is struggling with a lawsuit by the U.S. Securities and Exchange Commission.