Ripple CEO said the company’s operations in the Asia-Pacific region have not been affected by the current problems caused by complaints from regulators in the United States.
to the the report Although Ripple’s Coin Telegraph has been caught in the middle of a $ 1.3 billion lawsuit by the US Securities and Exchange Commission (SEC), this does not appear to have affected the company’s business.
Ripple CEO Brad Garlinghouse told Reuters on Friday that the company’s Asia-Pacific business had not been harmed by the SEC complaint. He said:
This [دادخواست], Has hindered operations in the United States, but has not really affected our operations in Asia and the Pacific.
In December 2020, the SEC accused Ripple and its top executives of violating securities laws in selling XRP tokens since 2013.
Garlinghaus attributed the absence of any consequences for the company in Asia-Pacific to its good standing with regulators in the region. He stated:
We have been able to continue to grow our business in Asia and Japan because we have regulatory transparency in these markets.
In fact, Japan and other Asia-Pacific countries have long been favored by Ripple and XRP. Ripple even has a joint venture with Japanese company SBI Holdings to form SBI Ripple. The joint venture is at the center of a number of projects aimed at creating a payment corridor in Asia driven by Ripple.
In March 2020, Ripple Blockchain increased its influence in Southeast Asia by signing a partnership with a Thai financial technology group called DeeMoney.
Garlinghouse also downplayed the impact of removing or stopping XRP token transactions in US exchanges. According to Ripple CEO, more than 200 platforms around the world still have XRP currency pairs on their list.
In addition to digital currency exchanges in the United States, managers of assets and digital currency funds such as Bitwise and Grayscale have also cashed in on their XRP assets.
The head of Ripple revealed in December that only 5% of the company’s customers live in the United States. Garlinghouse has even previously stated that the company is considering relocating outside the United States if regulatory conditions do not improve.
Meanwhile, Garlinghouse and Ripple CEO Chris Larsen have both filed separate lawsuits to close the SEC complaint. Both lawyers say the US Treasury Department’s Financial Crimes Enforcement Network has already classified XRP as a virtual currency.