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- Ripple expanded in Dubai earlier this year by opening a new office in the Dubai International Financial Centre (DIFC), marking its move into the MENA region.
- Ripple's CEO announced at the Dubai Fintech Summit that the XRP Ledger has 4.8 million wallets, with 20% of clients from the MENA region.
Despite the ongoing regulatory challenges facing the cryptocurrency industry, Ripple continues to expand globally.
The Dubai market and the Middle East and North Africa (MENA) region become a major focus of this expansion. XRP verdict date being the second quarter of 2024 doesn't stop the company from hitting its goals.
How This Happened
The lawsuit between Ripple and the SEC has been on for nearly three years. The dispute began in 2020 when the SEC accused Ripple and its co-founders of violating securities laws. This was due to the alleged sale of $1.3 billion worth of its native cryptocurrency, XRP, without prior registration as a security.
Ripple insisted XRP is not considered as a security but as a commodity. As of July this year, Judge Torres gave a summary judgment that Ripple's XRP sales to investors violated securities laws, while sales on public exchanges to retailers did not. It's not surprising that Ripple isn't the only one; companies like Binance and Coinbase are also in legal disputes with the SEC.
Bittrex, a U.S.-based cryptocurrency exchange, was also sued by the SEC in April for allegedly running as an unregistered securities exchange. The charges were eventually resolved as the SEC announced that Bittrex would pay a $24 million fine. This has resulted in major cryptocurrency firms considering relocating from the U.S. as a means to avoid any issues with the SEC.
Ripple's lawyers stated that the SEC's request to appeal mainly came from their dissatisfaction with the judge's ruling that XRP wasn't considered a security when sold to retail investors.
Despite everything going on, it doesn't stop Ripple Dubai Office expansion. Many cryptocurrency leaders believe that the U.S. government needs to provide a clearer and more specific regulatory approach for digital currencies.
Ripple's Expansion
Dubai went through Ripple’s expansion early this year. This occurred in May as they presented a brand-new office space within the Dubai International Financial Centre (DIFC). It was high time the expansion moved to the Middle East and North Africa (MENA) region.
Ripple’s CEO, Brad Garlinghouse, made some remarkable announcements at the Dubai Fintech Summit. He explained that the XRP Ledger currently boasts of over 4.8 million wallets, with 20% of these clients coming from the MENA region. This shows the significant interest and demand for Ripple-based solutions in this region.
Ripple's Dubai Office gives it a global presence. It is a step towards the idea of a larger adoption. Ripple's continued success in the MENA region shows both the cryptocurrency industry's resilience and the region's unending growth as a hub for crypto innovation.
Over the years, Ripple has been able to cross over the globe, with 90% of its operations outside the United States.
The Middle East and North Africa (MENA) region is home to most of Ripple’s valued clients, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank. It is definitely a groundbreaking decision for the company.