Brad Garlinghouse, Ripple’s chief executive officer, said Friday that the company’s Asia-Pacific business has not suffered from ongoing regulatory issues in the US
Ripple’s business in Asia and Japan is growing
Ripple faces a $ 1.3 billion lawsuit from the US Securities and Exchange Commission. In December, the SEC accused Ripple, the inventors of the XRP cryptocurrency of the same name, and its top executives of selling unregistered securities since 2013.
The blockchain payment firm is denying the fees, but that hasn’t stopped a number of U.S. crypto exchanges, including Coinbase, from delisting XRP, the world’s seventh most important digital asset by market cap.
Garlinghouse, accused of personally making up to $ 600 million in unregistered sales of XRP in an ICO offering, told Reuters in a March 5 interview that business is thriving in areas like Japan.
It (the lawsuit) has hindered activity in the United States, but it hasn’t really affected what’s going on for us in the Asia-Pacific region. We were able to further expand our business in Asia and Japan because we had regulatory clarity in these markets.
CEO claims the token was still traded on over 200 exchanges around the world
The Asia Pacific region is a key remittance corridor for Ripple, and the company has had remarkable results as a remittance solutions provider in the region. In Japan, Ripple entered into a joint venture with Japanese conglomerate SBI Holdings to create SBI Ripple – a company that aims to facilitate payments based on Ripple’s technology.
Garlinghouse announced that his company has signed more than 15 new contracts with banks around the world since the SEC filed its lawsuit, according to a Reuters report. He added that the lack of regulatory clarity in the US is hindering innovation.
“We see that XRP liquidity activity has grown outside of the US and continues to grow in Asia, certainly Japan,” he said. In the case of XRP delistings, the Ripple CEO stated that he was not aware of any exchange outside the US that had ceased trading with the token.
“XRP is traded on over 200 exchanges around the world. It’s really only three or four exchanges in the US that have ceased trading, ”said Garlinghouse, who previously discussed Ripple’s headquarters relocation from the US due to unfavorable regulations.
What do you think of Ripple’s overseas operations as announced by the CEO? Let us know in the comments below.
Tags in this story
Asia, Asia Pacific, Brad Garlinghouse, Coinbase, Japan, Ripple, SBI Holdings, SEC, SEC lawsuit, US Securities and Exchange Commission, XRP, XRP cryptocurrency, XRP trading
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
