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“It uses XRP to facilitate part of this process, hence the trading volumes on our platforms. It is a higher percentage on our platform, because the volumes of the crypto market as a whole are still relatively stable in the industry.

XRP transactions accounted for $10.2 million in 24-hour volume on the Sydney-based Independent Reserve, which is far more than all other cryptocurrencies combined during the period.

Exchange chief executive Adrian Prezelozny said clients trading with Ripple include market makers and international shippers on the ODL network.

Influential court case

Ripple presents itself as an innovative, low-cost challenger to the domination of foreign exchange services by international banks and is currently at the center of a case in federal court in New York that could have a significant impact on markets. of cryptography.

The landmark civil case is about to determine whether Ripple and potentially all other cryptocurrencies should be treated as securities under the jurisdiction of the US regulator, the Securities and Exchange Commission.

The SEC brought the case after accusing Ripple of raising $1.3 billion by illegally selling unregistered tokens in 2020.

Experts expect the highly anticipated decision to affect Ripple’s market value and broader crypto markets.

Ms Bowler said, “We are following the SEC matter as the outcome is likely to impact XRP price volatility. However, as the SEC does not regulate us here in Australia, we remain focused on broader regulatory discussions closer to home.

Historical issues

In Australia, cryptocurrency exchanges must be registered with the international money laundering regulator AUSTRAC, which enforces compliance with anti-money laundering know-your-customer and reporting obligations. suspicious transactions.

In the past, major Australian banks have refused banking services to crypto money transfer companies, including Aus Merchant and Bitcoin Babe, because it is believed that banks have not been happy with the ability of some senders to identify the beneficiary. final in a crypto-based FX transaction, even if the exchanges are registered with AUSTRAC.

In November 2019, Westpac was the subject of a scandal when it emerged that some of its customers had sent money to criminals in the Philippines. AUSTRAC’s claim against Westpac centered on bank failings relating to “correspondent banking”, or the provision of services by one bank for another in another country.

In August 2020, the New Payments Platform (NPP), a payment services company owned by 13 Australian banks, including ANZ, NAB, CBA, Westpac and the Reserve Bank, commenced proceedings in Federal Court against Ripple for allegedly copied the NPP mark.

The court issued an injunction to the NPP to prevent Ripple from being advertised in Australia under a “PayID” brand similar to the NPP. In November 2020, Ripple agreed to rebrand to continue operating in Australia.

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