{"id":183857,"date":"2023-11-21T13:39:24","date_gmt":"2023-11-21T13:39:24","guid":{"rendered":"https:\/\/precoinnews.com\/?p=183857"},"modified":"2023-11-21T13:39:24","modified_gmt":"2023-11-21T13:39:24","slug":"tethers-bank-partner-britannia-sued-over-1b-deposit-report","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/tethers-bank-partner-britannia-sued-over-1b-deposit-report\/","title":{"rendered":"Tether\u2019s bank partner Britannia sued over $1B deposit \u2014 Report"},"content":{"rendered":"

Tether\u2019s bank partner Britannia Financial is reportedly facing a lawsuit over claims it failed to pay the full price of revenue-generating assets allegedly related to a large deposit from Tether.<\/p>\n

Arbitral International, a company registered in the British Virgin Islands, has sued Britannia over a $1 billion deposit from Tether, the Financial Times reported on Nov. 21, citing court documents filed with London\u2019s High Court in 2023.<\/p>\n

The lawsuit relates to Britannia\u2019s acquisition of Arbitral\u2019s Bahamas-based brokerage business known as Arbitral Securities. Britannia announced the acquisition in October 2021, integrating the brokerage into its own brokerage, Britannia Securities.<\/p>\n

According to the new report, Britannia and Arbitral agreed that Britannia Financial would pay an extra sum based on the number of revenue-generating assets the Arbitral Securities held a year after the sale. The agreement reportedly stipulated this would include the clients originally introduced by Arbitral or related parties.<\/p>\n

Citing the court filings, the report said that Tether opened an account with a subsidiary of Britannia Financial in November 2021.<\/p>\n

Britannia Financial was reportedly introduced to Tether by Aldo Mazzella, described as a \u201cprofessional introducer\u201d and someone believed to have had a commercial relationship with Tether since around 2017. On the other hand, Arbitral argued that an executive at Arbitral Securities also played a role in the Britannia-Tether partnership.<\/p>\n

The news comes a few months after Bloomberg reported that Tether added Britannia Bank and Trust as a\u00a0Bahamas-based private bank to process dollar transfers on its platform. Other banking partners reportedly included Deltec Bank and Capital Union Bank.<\/p>\n

Tether chief technology officer and new CEO Paolo Ardoino reportedly previously claimed that the stablecoin firm had strong relations with more than seven banks.<\/p>\n

Tether and Britannia Financial did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n

Related: <\/em><\/strong>Tether freezes $225M in USDT linked to romance scammers amid DOJ investigation<\/em><\/strong><\/p>\n

Tether’s (USDT) stablecoin has been steadily gaining momentum on the market and inching toward a $90 billion market capitalization, according to data from CoinGecko. On Nov. 20, USDT’s value hit another new high at $88 billion, adding 33% since the beginning of 2023.<\/p>\n

<\/p>\n

According to Tether, USDT added more than $20 billion to its market cap in 2023 due to two key factors, including continued market excitement around the possible approval of a spot Bitcoin exchange-traded fund. Tether\u2019s record-breaking growth has also been fuelled by growing demand in emerging markets like Brazil, according to the firm.<\/p>\n

Magazine: <\/em><\/strong>Exclusive: 2 years after John McAfee\u2019s death, widow Janice is broke and needs answers<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tether\u2019s bank partner Britannia Financial is reportedly<\/p>\n","protected":false},"author":3,"featured_media":183856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nTether\u2019s bank partner Britannia sued over $1B deposit \u2014 Report - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/tethers-bank-partner-britannia-sued-over-1b-deposit-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether\u2019s bank partner Britannia sued over $1B deposit \u2014 Report - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Tether\u2019s bank partner Britannia Financial is reportedly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/tethers-bank-partner-britannia-sued-over-1b-deposit-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-21T13:39:24+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/11\/Tethers-bank-partner-Britannia-sued-over-1B-deposit-\u2014-Report.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/tethers-bank-partner-britannia-sued-over-1b-deposit-report\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/tethers-bank-partner-britannia-sued-over-1b-deposit-report\/\",\"name\":\"Tether\u2019s bank partner Britannia sued over $1B deposit \u2014 Report - 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