Payments and Banking • December 23, 2020, 5:17PM EST

Simplex bars XRP transactions in wake of SEC's Ripple lawsuit

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Ricardo Santos for The Block

Crypto payment processor Simplex has begun blocking XRP transactions in the wake of the Securities and Exchange Commission's (SEC) lawsuit against the token's issuing company Ripple. Simplex's partners are also no longer accepting XRP transactions with the Simplex integration.

Simplex allows users to purchase cryptocurrency with credit cards on a variety of platforms using the Simplex integration, including Binance, Huobi, KuCoin and BitPay among others. Now, users will be unable to purchase XRP using the Simplex integration on those platforms. Simplex confirmed the decision in an email with The Block.

The SEC brought an enforcement action against XRP's issuer Ripple and two of its executives earlier this week, citing the XRP token as an unregistered security offering. Ripple CEO Brad Garlinghouse has said the firm intends to fight the suit.