Britannia Financial Reportedly Faces Lawsuit Over $1B Deposit
Coinscreed
21 Nov 2023 2:28 PM
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.
You May Ask
Who is suing Britannia Financial and why?What was the agreement between Britannia Financial and Arbitral Securities?How did Tether partner with Britannia Financial?What factors contributed to the growth of Tether's market capitalization?What is the current market capitalization of Tether's stablecoin?