Ripple Labs Singapore Pte Ltd, the Singaporean branch of fintech giant Ripple Inc., has initiated legal action against GCC Exchange, a provider of foreign exchange and money transfer services. The lawsuit alleges that GCC Exchange failed to fulfill payment obligations related to XRP liquidity transfers, resulting in a dispute over nearly €13.8 million (approximately $14.9 million).
Ripple’s complaint centers on GCC Exchange’s alleged failure to remit payments for over 40,000 XRP transfers, which were executed within the framework of a supply agreement established between the two entities in 2022. The lawsuit, which was filed in July 2023 but was recently made public, contends that GCC Exchange breached the terms of the agreement.
In response to these allegations, Ripple is seeking not only the payment of outstanding invoices but also additional compensation in the form of accumulating late fees. Both Ripple and GCC Exchange have refrained from offering public comments on the ongoing legal proceedings.
It’s worth noting that Ripple has chosen to pursue this legal matter in the High Court of Justice of England and Wales. GCC Exchange operates GCC Remit, a global cross-border remittance provider available in more than 100 countries, and offers a payments API module for merchants.
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