- Ripple has sued the U.K.-based GCC Exchange for failure to clear outstanding XRP dues.
- Ripple’s Singapore arm has alleged that GCC failed to pay for over 40,000 transfers of XRP units.
- The lawsuit was filed back in July 2023 but came to light earlier this week.
American blockchain giant Ripple Inc. recently took U.K-based GCC Exchange to court over outstanding dues. Ripple Labs Singapore Pte Ltd., the Singaporean unit of the blockchain firm, reportedly sued the U.K.-based currency exchange and money transfer outfit for a whopping €13.8 million ($14.9 million).
Ripple influencer JackTheRippler recently took to X (formerly Twitter) to report the lawsuit:
According to a report by LAW360, the lawsuit against GCC Exchange was filed back in July 2023 but only became public earlier this week. GCC Exchange is the fintech firm behind a popular foreign exchange and money transfer application in the United Kingdom.
As per the complaint, Ripple Labs Singapore Ltd alleged that GCC Exchange failed to pay the fees associated with the transfer of XRP liquidity made by Ripple. The invoices in question involved more than 40,000 transfers of XRP units that were moved as per a previously agreed upon supply deal between the two firms.
The framework of the above-mentioned supply deal was reportedly secured in 2022. Ripple accused GCC Exchange of breaching the terms of the agreement by failing to settle the invoices. As such, the blockchain giant stated in its complaint filed in the High Court of Justice of England and Wales that it be provided with the outstanding payment as well as the associated late fees.
The underreporting of the lawsuit, as well as the refusal of a request for comment from both Ripple Labs Singapore and GCC Exchange, indicated the sensitivity of the ongoing legal dispute. As per data from CoinMarketCap, no significant changes were noticed in the price of XRP on account of Ripple’s lawsuit. At the time of writing, XRP was trading at $0.50, with a market capitalization of $26.5 billion.
