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Ripple Seeks XRP Transfer Data on Overseas Exchanges

Ripple’s executives are seeking data on XRP transactions made on foreign exchanges to prove that most tokens were sold to non-U.S. citizens. It’s the latest twist in the ongoing legal battle with the Securities and Exchange Commission.

The legal team representing Ripple executives has filed a motion aiming to collect in-depth data on XRP sales conducted on foreign crypto exchanges. This is the firm’s latest move in the discovery process of the ongoing lawsuit.

Ripple Seeks Exchange Data for Defense

Ripple is hoping to use data of XRP sales on overseas crypto exchanges for its defense case against the Securities and Exchange Commission.

In the ongoing legal battle, Ripple is accused of selling XRP as unregistered securities. However, the company’s executives have claimed that the sales did not break U.S. law. They’re now hoping to prove their case by gathering new information from exchanges.

In a notice submitted Wednesday, co-defendants 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.

The defendants requested the Court to issue Letters of Request under the Hague Convention to authorities in the Cayman Islands, Hong Kong, South Korea, the U.K., Singapore, Seychelles, and Malta. The request asks for information about the defendants’ XRP transactions, including how much XRP was bought and sold, IP addresses, and trading policy. The defendants claimed they were unable to source this data independently, and therefore needed the court’s help.

If approved by the judge, the letters of request will be issued to foreign regulators who will forward them to cryptocurrency exchanges where the defendants made transactions in XRP. The exchanges include AscendEx (formerly Bitmax), Bitfinex, Bitforex, Bithumb, Bitlish, Bitrue, Bitstamp, Coinbene, Coinone, HitBTC, Huobi Global, Korbit, OKEx, Upbit, and ZB Network.

Source: Crypto briefing