Britannia Financial Reportedly Faces Lawsuit Over $1B Deposit
Britannia Financial, Tether’s Bank Partner, is being sued on suspicion that it neglected to remit the complete value of revenue-generating...
- Britannia Financial is being sued by Arbitral International for allegedly not remitting the full value of revenue-generating assets associated with a $1 billion deposit from Tether.
- The lawsuit is related to Britannia's acquisition of Arbitral Securities, a brokerage business in the Bahamas.
- Britannia Financial and Arbitral Securities reached an agreement that Britannia Financial would pay an additional amount based on the number of revenue-generating assets held by Arbitral Securities.
- Tether partnered with a Britannia Financial subsidiary in November 2021, with Aldo Mazzella introducing Britannia Financial to the cryptocurrency.
- Tether's market capitalization has reached $90 billion, with USDT's value increasing by 33% since the start of 2023 due to factors like market enthusiasm for a spot Bitcoin exchange-traded fund and demand expansion in emergent markets.
The article provides factual information about a lawsuit against Britannia Financial and highlights the growth of Tether's market capitalization. No specific sentiment is expressed.