Ripple CEO Brad Garlinghouse said Friday that the company’s Asia-Pacific operations have not been affected by current regulatory challenges in the United States.

Ripple’s business in Asia and Japan is growing

Ripple is facing a $1.3 billion lawsuit from the US Securities and Exchange Commission (SEC). In December, the SEC filed suit against Ripple, the maker of the eponymous crypto currency XRP, and its executives for selling unregistered securities since 2013.

The chain payment company denies these allegations, but this has not stopped a number of US encryption exchanges, including Coinbase, from delisting XRP, the world’s seventh largest digital asset by market size.

Garlinghouse, who is accused of personally receiving up to $600 million from the unregistered sale of XRP in an ICO bid, told Reuters in an interview on 5. Mars, that trade is booming in areas like Japan.

It (the lawsuit) has put a damper on activity in the United States, but it hasn’t really had an impact on what we have in the Asia-Pacific region. We were able to develop our business in Asia and Japan because we had a clear vision of the regulatory environment in these markets.

The CEO states that the token continues to be traded on over 200 exchanges worldwide

Asia-Pacific is an important remittance corridor for Ripple, and the company has achieved excellent results as a remittance solutions provider in this region. In Japan, Ripple has signed a joint venture agreement with Japanese conglomerate SBI Holdings to establish SBI Ripple, a company that will facilitate payments using Ripple technology.

Garlinghouse said his company has signed more than 15 new contracts with banks around the world since the SEC sued the company, according to a Reuters report. He added that the lack of regulatory clarity in the United States stifles innovation.

We are seeing XRP liquidity activity outside the US increase and continue to grow in Asia, particularly in Japan, he said. Regarding the delisting of the XRP, Ripple’s CEO stated that he was not aware of any exchange outside of the United States that would cease trading the token.

XRP is traded on over 200 exchanges worldwide. In fact, only three or four exchanges in the United States have ceased operations, Garlinghouse said, and he has already discussed Ripple’s headquarters moving out of the United States due to unfavorable regulations.

What do you think of Ripple’s overseas operations, as described by the CEO? Let us know in the comment section below.

Tags in this article

Asia, Asia-Pacific, Brad Garlinghaus, Coinbase, Japan, Ripple, SBI Holdings, SEC, sector lawsuits, US Securities and Exchange Commission, XRP, xrp cryptocurrency, XRP Trading

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