2 November 2024
Ripple’s Asian businesses remain unaffected despite the SEC lawsuit
Ripple- the payments firm claimed that it didn’t face any unwanted circumstances in the Asia Pacific region despite the US Securities and Exchange Commission lawsuit- reported by Reuters.
Last year, Ripple was charged by the SEC in connection with alleged securities fraud regarding its sale of XRP tokens. Its founders- Chris Larsen and Brad Garlinghouse, were also named in the charge sheet for allegedly selling over $700 million of the tokens for personal gains.
The December 2020 lawsuit also claimed that Ripple had indulged in token manipulation, unlicensed securities sale, paid to get listed on crypto exchanges and paid for “fake” partnerships with several of its “partner” firms.
Despite all the charges laid, Ripple claims its Asian businesses are mostly unaffected. Brad Garlinghouse said -It (lawsuit) has hindered activity in the United States, but it has not impacted what’s going on for us in the Asia Pacific”. He cited ‘regulatory clarity’ as the prime reason for continual operations in Asia and Japan.
Further, Garlinghouse stated that he is not aware of any crypto exchange outside the United States that has halted XRP trading. XRP is being traded on over 200 exchanges around the world. It’s only three or four exchanges in the United States that have ceased trading. He also noted that XRP liquidity activity has grown outside the United States and is continuously growing in Asia, certainly in Japan.
Garlinghouse also claimed US regulations as a “hindrance” to innovation. He also revealed that Ripple had signed more than 15 new contracts with banks globally after the SEC lawsuit.
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