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Leading crypto payments company Ripple has finally put an end to its legal tussle with global money transfer service provider GCC Exchange.<\/strong><\/span><\/p>\n Although the development was first revealed by GCC Director Yash Rajesh earlier this year, top XRP community member \u201cWrathofKahneman\u201d called attention to the news in a recent tweet.<\/span><\/p>\n Recall that Ripple sued GCC Remit in July 2023 for failing to fulfill payment obligations for 40,000 XRP transfers worth over $15 million. Apparently, the transaction relates to GCC\u2019s use of Ripple\u2019s On-demand Liquidity (ODL) solution for cross-border settlements.<\/span><\/p>\n Notably, Ripple transferred the XRP to GCC under a supply agreement reached by the parties in 2022. However, GCC violated the terms of the agreement following its failure to settle outstanding invoices for 40,000 XRP transfers.<\/span><\/p>\n As a result, Ripple sued the company in the High Court of Justice of England and Wales, seeking the payment of outstanding invoices, as well as compensation for the accumulation of late fees.<\/span><\/p>\n In an exciting development, Rajesh disclosed that the parties had agreed on a settlement to end the multi-month lawsuit. Rajesh told openPR in a recent interview that the parties reached a confidential settlement agreement \u201cwith no admission of liability.\u201d\u00a0<\/span><\/p>\n Following the lawsuit\u2019s resolution, GCC Exchange can focus on its strategic vision and continue offering money transfer services globally.<\/span><\/p>\n – Advertisement –<\/span><\/p>\n It is unclear whether GCC will continue to utilize Ripple\u2019s solution or XRP for cross-border payments.<\/span><\/p>\n The resolution of the GCC lawsuit is a positive development for Ripple as the number of legal battles it is currently involved in has reduced by one. However, the company is still embroiled in lawsuits against the U.S. SEC and a group of XRP investors led by Vladi Zakinov.<\/span><\/p>\n Despite Ripple\u2019s involvement in these two cases, the company focuses more on the SEC lawsuit. The outcome of the SEC case could have a major impact on Ripple\u2019s operations in the United States.<\/span><\/p>\n For instance, market analysts and top journalists believe the SEC lawsuit could prevent investment managers from filing for an XRP spot exchange-traded fund (ETF) with the regulator.<\/span><\/p>\n As reported earlier, Ripple recorded a partial victory against the SEC last year when a federal court ruled that its programmatic sales and other distributions of XRP did not constitute investment contracts. However, the court declared that Ripple\u2019s past direct institutional sales of XRP violated securities law.<\/span><\/p>\n The case is now in the remedies stage, as the parties seek to determine the appropriate penalty for Ripple\u2019s securities law violation.<\/span><\/p>\n Follow Us<\/strong> on Twitter and Facebook.<\/span><\/p>\n Disclaimer<\/strong>: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic\u2019s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.<\/p>\n -Advertisement-<\/p>\n<\/div>\n<\/div>\nRipple Vs. GCC Exchange Lawsuit\u00a0\u00a0<\/span><\/h2>\n
Parties Settle Multi-Month Lawsuit<\/span><\/h2>\n
One Less Lawsuit to Worry About<\/span><\/h2>\n