GCC Exchange UK Ltd, a globally recognized provider of money transfer services, has successfully resolved a legal dispute with Ripple, as recently announced in a tweet by user WrathofKahneman.
Agreement Behind Closed Doors
#Ripple filed a lawsuit in the High Court of Justice of England and Wales against GCC Exchange over unpaid invoices related to more than 40,000 XRP transactions. This dispute has now been settled with a confidential agreement, without any admission of liability by either party.
In the lawsuit filed in September, Ripple sought settlement of unpaid invoices and compensation for delay fees, totaling $14.9 million.
Details of the agreement were revealed in an exclusive interview with Yash, the director of GCC Exchange UK Ltd.
When asked about the recent dispute with Ripple, Yash confirmed the resolution, stating that both parties reached a confidential settlement agreement without admitting liability. Yash considers this resolution a significant step forward for GCC Exchange UK Ltd, allowing it to focus on its strategic goals and growth initiatives.
GCC Exchange UK Ltd, which has a strong presence in India, Bangladesh, and Pakistan, is now expanding into African countries such as Kenya and Ghana. Yash is focusing on strategic branch network expansion and emphasizes improving customer services through employee training.
Ongoing SEC vs. Ripple Legal Battle
The Securities and Exchange Commission (SEC) is attempting to compel Ripple to disclose its financial statements and institutional sales contracts for the fiscal year 2022-2023. This follows Judge Analisa Torres's ruling that Ripple did not violate rules regarding unregistered transactions.
Despite Ripple's objections, the SEC is pressing for the production of specific documents. Both parties have a one-month window to present their cases, leading to speculation about a possible settlement amidst the ongoing legal battle.
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