Wire transfer service MoneyGram has suspended its partnership with Ripple Labs in the wake of the SEC's lawsuit against the crypto payments firm. That suit, filed in December, alleged that Ripple's sales of cryptocurrency XRP, beginning in 2013, were unregistered securities offerings. Major cryptocurrency exchanges such as Coinbase and Binance have since delisted XRP, and leading crypto asset manager Grayscale dissolved its XRP-focused trust. XRP was at one point the third-largest cryptocurrency by market capitalization, but has dropped in price considerably following the lawsuit. MoneyGram made the announcement Monday in its Q4 earnings release.

MoneyGram's stock took a nosedive following its earnings statement, dropping close to 24%. The company reported earnings of $323.3 million in Q1, below the expected $325.7 million.