According to Zycrypto: San Francisco-based fintech firm Ripple has reportedly reached a settlement with GCC Exchange, a major money transfer service provider that operates the GCC Remit application. This settlement comes amid Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The company's director, Yash Rajesh, recently shared that the settlement was concluded confidentially and without any admission of liability, meaning neither GCC Exchange nor Ripple admitted to any misconduct.
Ripple initially brought the lawsuit against GCC Exchange in July 2023 following allegations that the company failed to fulfill payment obligations related to the transferred XRP liquidity by Ripple's Singapore subsidiary. The suit, which was to be heard before the High Court of Justice in England, involved over 40,000 unfulfilled XRP transfers, valued at an approximate $15 million. Ripple had demanded repayment of the invoice sum and accumulated late fees.
Meanwhile, Ripple's legal tussle with the SEC continues. Ripple’s legal team rebuffed the regulator's recent demand for the company's audited financial statements for 2022 and 2023 and details about its XRP institutional sales contracts since the lawsuit began. A positive resolution to this dispute could potentially influence high-profile investment managers to pursue an SEC-approved XRP exchange-traded fund (ETF) application.
