Crypto Payments Firm Ripple Resolves Legal Dispute with Major Money Transfer Firmbr>
Cryptocurrency company Ripple has settled a lawsuit with GCC Exchange over unpaid crypto invoices. Ripple had filed a lawsuit in July 2023 alleging that GCC, a billion-dollar global money transfer service, failed to settle outstanding payments for 40,000 XRP transfers worth $15 million.
The legal dispute stemmed from an agreement in 2022 where Ripple supplied GCC with XRP to use for cross-border settlements through Ripple’s On-Demand Liquidity solution. However, GCC reportedly breached the terms by not paying invoices related to the XRP transfers. Ripple took GCC to court in the UK seeking payment of late fees in addition to the unpaid invoices.
Both parties have now reached a confidential settlement to conclude the legal proceedings, according to GCC director Yash Rajesh. Rajesh stated that the agreement was made without admitting fault by either side.
The resolution means GCC can refocus on its business objectives of providing global money transfer services. It remains unclear whether the company will utilize Ripple’s solutions or XRP for payments going forward.
For Ripple, the settlement represents one less ongoing legal battle as it still faces lawsuits from the US SEC and XRP investors over securities law compliance. Particularly significant is Ripple’s case against the SEC, as the outcome could impact cryptocurrency regulation and potential approvals for XRP exchange-traded funds. The conclusion of the GCC case allows Ripple to concentrate efforts on these important ongoing legal matters.