coinspress.com
In a recent legal battle, Ripple Labs Singapore, a branch of Ripple Inc., has taken legal action against GCC Exchange, a prominent foreign exchange and money transfer service provider.
The lawsuit centers on alleged non-payment issues related to XRP liquidity transfers by Ripple’s Singapore entity. Filed in July 2023, the lawsuit claims GCC Exchange failed to meet its financial obligations for over 40,000 XRP transfers, totaling nearly €13.8 million or approximately $14.9 million, part of a previously agreed-upon supply deal.
Ripple alleges that GCC Exchange has neglected to settle outstanding invoices for the withdrawal of XRP units, leading to the lawsuit being submitted to the High Court of Justice of England and Wales, emphasizing Ripple’s determination to recover the owed funds.
GCC Exchange is a well-known player in global foreign exchange and cross-border money transfers, operating under the GCC Remit brand in over 100 countries, catering to a diverse clientele.
Ripple and GCC Exchange have refrained from making public statements about the ongoing legal case, shedding light on the complexities of the cryptocurrency and financial exchange sectors.
This legal action underscores the importance of honoring contractual commitments in the evolving world of digital assets. It serves as a reminder that even established fintech entities must ensure transparent and reliable financial transactions.
XRP is currently experiencing a phase of consolidation after a significant decline in value following Ripple Labs’ legal victory against the United States Securities and Exchange Commission (SEC).
As of the latest update, XRP is trading at $0.5024, with a 0.9% decrease in the past 24 hours and a decline of over 7.2% over the past week. Despite this, XRP remains the fifth-largest cryptocurrency in the industry.