Cryptocurrency

Ripple Sues UK Money Transfer Service Over Unpaid XRP Invoices: Details

Ripple, the popular crypto company and fintech giant behind XRP has taken legal action against GCC exchange, the global money transfer company behind the GCC Remit app. Ripple claims that $14.9 million worth of XRP was wrongfully withdrawn by the defendant.

According to information from Law360, issues surrounding payments related to XRP liquidity that was previously provided prompted Ripple to file the lawsuit against the partner of its Singaporean arm.

Read Also: Ripple CTO David Schwartz Discloses Big Deal Hampered By The SEC Lawsuit

The news was also reported by JackTheRippler (@RippleXrpie) in a post on X, with some other members of the XRP community showing support in their replies. Another user, Rookery Heart (@RookeryHeart), added that GCC Exchange didn’t pay Ripple after they saved the payment company millions in fees and now Ripple was coming for those savings.

A High-Stakes Lawsuit

Ripple Labs Singapore Pte Ltd, the Singaporean arm of Ripple Inc., has taken legal action against GCC Exchange, the company responsible for the popular foreign exchange and money transfer application, GCC Remit.

GCC Remit, a part of GCC Exchange, operates as a global cross-border remittance service available in over 100 countries. Additionally, GCC Remit provides a payments API module for merchants. The lawsuit alleges that GCC Exchange failed to pay Ripple for the XRP liquidity transfer made by them. The total amount disputed as reported by Law360 is $14.9 million.

Ripple claims that GCC Exchange refused to settle invoices for more than 40,000 transfers of XRP units which they had successfully withdrawn under a supply deal. This was a breach in the agreement established between GCC Exchange and Ripple in 2022 and in response, Ripple is demanding both the payment of the outstanding invoices and the accumulating sum of late fees.

Read Also: Legal Expert Points Up What Could Make Ripple and SEC Settle Before End of 2023

Law360 reports that the lawsuit was officially filed in July 2023 but had only recently become public knowledge. The lawsuit was filed in the High Court of Justice in England and Wales and none of the parties involved has issued any public statements, leaving the entire cryptocurrency community asking questions.

This lawsuit’s potential effects on GCC Exchange and GCC Remit’s reputation and ability to keep their global operations running are yet to be determined. All of this is happening while Ripple is in the middle of another lawsuit with the SEC and you can get the latest news about that here.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Recent Posts

ChatGPT Predicts Terra Classic (LUNC) Price For November 30, 2024

Terra Classic (LUNC) has been the subject of considerable interest in the cryptocurrency community due…

1 hour ago

Analyst: XRP Currently Breaking 7-year Consolidation, $100 Definitely In Range

According to a recent analysis by Armando Pantoja, a prominent crypto figure and long-term investor,…

2 hours ago

Crypto CEO Calls Investors to Get to 3,000 XRP. Here’s why

Edoardo Farina, CEO of Alpha Lions Academy and a prominent crypto expert on X, recently…

2 hours ago

ChatGPT Predicts XRP Price For November 30, 2024

XRP has been at the forefront of the financial and crypto news due to its…

3 hours ago

Ripple’s Largest XRP Release In Seven Years. Here’s What Happened

In a significant development that has captured the cryptocurrency market's attention, Ripple has designated 470…

3 hours ago

Court Announces New Deadline for SEC: XRP Case Appeal Can Still Be Dismissed

The U.S. Securities and Exchange Commission's ongoing legal battle with Ripple has entered a new…

4 hours ago