Ripple Sues Exchange For Over $14.9 Million
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September 4, 2023 4:15 pm
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Ripple is suing a United Kingdom currency exchange for $14.9 million after the company allegedly failed to pay its invoices for cryptocurrency.
In an August 11th high court claim Ripple claimed GCC Exchange UK Ltd. has not paid for over 40,000 units of XRP token that it withdrew in a prior deal.
Ripple in the lawsuit states “In breach of [the agreement], to date, the defendant has failed to pay the sum due under the withdrawal invoice.”
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The suit continues “The defendant’s failure to make payment constituted an event of default … which is continuing.”
As of now, GCC has yet to comment on the lawsuit.
Ripple Is Going On the Offensive #XRPhttps://t.co/EF92B2QuWz
— The Triune Times (@TriuneTimes) September 4, 2023
Per Law 360:
Crypto giant Ripple is suing a U.K. currency exchange and money transfer business for almost €13.8 million ($14.9 million) at a London court, alleging that it has failed to pay invoices for cryptocurrency.
Ripple said in its Aug. 11 High Court claim, which was recently made public, that GCC Exchange UK Ltd. has not paid for more than 40,000 units of Ripple’s XRP token that it withdrew under a supply deal.
Ripple alleges that GCC — which provides global money transfer services under its GCC Remit brand — has breached a contract for the supply of XRP that the exchange inked with Ripple’s Singapore-based entity, Ripple Labs Singapore Pte Ltd., in 2022.
“In breach of [the agreement], to date the defendant has failed to pay the sum due under the withdrawal invoice,” Ripple says in its claim. “The defendant’s failure to make payment constituted an event of default … which is continuing.”
The blockchain technology company claims that GCC was required to immediately pay an invoice that it issued in March 2022 after the exchange withdrew the tokens, according to the court filing. But Ripple says its has failed to do so.
Ripple has asked the court to order GCC to pay up for the XRP as well as an ever-growing amount in late fees, the claim says.
In case your interesting in diving deeper in the case it’s titled “Ripple Labs Singapore Pte Ltd. v. GCC Exchange UK Ltd.” and its case number is CL-2023-000458.
The case is currently being heard at the High Court of Justice of England.
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