Ripple Reaches Confidential Agreement to Settle $15M Suit with UK Firm

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Ripple Reaches Confidential Agreement to Settle $15M Suit with UK Firm
  • Ripple and U.K.-based firm GCC Exchange have settled their legal dispute. 
  • Last year, Ripple accused the firm of neglecting financial obligations for over 40,000 XRP transfers. 
  • The dispute now lays to rest with both parties reaching a confidential agreement.

The Singapore arm of crypto payment firm Ripple Labs and U.K.-based fintech firm GCC Exchange have successfully settled their $15 million legal dispute. Initially, the dispute revolved around allegations of nonfulfillment of payment obligations related to XRP transfers. 

Yash Rajesh, Director of GCC Exchange, provided insights into the resolution in an exclusive interview. When asked about the current standing of the legal dispute, Rajesh remarked:

GCC Exchange UK Ltd has resolved the dispute with Ripple. The parties have entered into a confidential settlement agreement with no admission of liability.

XRP community figure “WrathofKahneman” called attention to the development in a recent statement on X.

Notably, Ripple’s Singapore arm took legal action last July, accusing GCC Exchange of neglecting financial obligations for over 40,000 XRP transfers. Per the filing statement, this deal amounted to €13.8 million or approximately $15 million. 

These XRP transfers were conducted within the framework of a supply agreement established by the two parties in 2022. The complaint alleged that GCC Exchange breached the agreement terms by failing to settle outstanding invoices for withdrawn XRP units. 

In addition to seeking payment for outstanding invoices, Ripple Singapore pursued additional compensation for the accumulation of late fees. The resolution now marks the end of legal tensions between Ripple and GCC Exchange, with both parties opting for a confidential settlement term. 

Notably, GCC Exchange is a prominent provider of foreign exchange and money transfer services. It specializes in cross-border remittance solutions spanning over 100 countries, including the United Arab Emirates (UAE).

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