In a legal battle that has recently come to light on September 4, Ripple Labs Singapore, the Singapore arm of Ripple Inc., has taken legal action against GCC Exchange, a well-known foreign exchange and money transfer app provider.
The lawsuit stems from alleged non-payment issues concerning the transfer of XRP liquidity injected by Ripple’s Singapore-based entity.
Ripple Files Lawsuit Over XRP Liquidity Payment Dispute
According to Law360, a legal news agency, the lawsuit filed in July 2023 claims that the GCC Exchange failed to fulfill its financial obligations for over 40,000 XRP transfers, amounting to nearly €13.8 million or approximately $14.9 million.
Per the report, these transfers were executed as part of a previously “agreed-upon supply” deal between both parties.
Ripple alleges that GCC Exchange has neglected to settle outstanding invoices for successfully withdrawing XRP “units.” As a result, the lawsuit has been submitted to the High Court of Justice of Engl
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