Ripple asks to investigate 15 overseas crypto exchanges

4, June 2021

In the latest twist of the ongoing saga between Ripple and the Securities and Exchange Commission (SEC), Ripple has asked the SEC to investigate 15 overseas exchange to prove that the trading were conducted on foreign soils, according to media reports.

Ripple wrote in its motion: “In the case of transactions conducted on such foreign trading platforms, both the offers of XRP and the sales of XRP occurred on the books and records of the respective platforms, and therefore geographically outside the United States. The SEC’s failure to allege domestic offers and sales should be fatal to its claims.”

Ripple is arguing that the sales of XRP did not break US law because it has happened on foreign soils not the US law. Ripple is accused of selling XRP as unregistered securities.

They’re now hoping to prove their case by gathering new information from exchanges, according to notice submitted Wednesday. Co-defendents in the ongoing lawsuit Ripple executive chairman Chris Larsen and CEO Brad Garlinghouse have confirmed they are seeking data from 15 cryptocurrency exchanges where they made XRP transactions dating back to 2013, according to CryptoBriefing.

Those foreign exchanges include AscendEx (formerly Bitmax), Bitfinex, Bitforex, Bithumb, Bitlish, Bitrue, Bitstamp, Coinbene, Coinone, HitBTC, Huobi Global, Korbit, OKEx, Upbit, and ZB Network.

Image courtesy Pxhere

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