A share of the company’s business outside America reaches 95%.
Naveen Gupta, general manager for the Middle East, North Africa and South Asia region of the technology company “RIPPLE”, confirmed that the impact of the case filed by the US Securities and Exchange Commission will be limited only to the company’s business in the United States.
Gupta said in an interview with Al Arabiya on the sidelines of the Dubai Financial Technology Summit, which was held this week, that “the company is awaiting a verdict soon in a case with the American Exchange Authority.”
The authority had accused the company and its CEO of violating US securities laws by selling the “XRP” cryptocurrency without first registering it with it. Ripple disputes these claims and maintains that XRP should be considered digital rather than security.
And Ripple isn’t the only company the SEC has taken enforcement action against. It has asked Kraken, a cryptocurrency exchange, to stop providing a service that offers users interest-like returns on their cryptocurrency.
Gupta said that the case filed by the authority will not affect our business outside America, adding that “95% of our business is outside the United States.”
He added that the company has plans to expand in the Arab region, especially in the Emirate of Dubai. He stated that Dubai’s adoption of financial technology is similar to the emergence of “Silicon Valley”.
2023-05-10 18:22:44
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