Here's Why Tether's $1 Billion Deposit is Under Scrutiny: FT


21 Nov 2023 12:53 PM

Tether deposited $1B+ in Britannia Financial subsidiary and now there's an ongoing legal battle in London High Court over the Bahamas brokerage sale....

  • Tether, the world's largest issuer of stablecoins, deposited over $1 billion with a subsidiary of Britannia Financial Group.
  • There is an ongoing legal battle in London's High Court between Britannia Financial and Arbitral International over the sale of a Bahamas brokerage.
  • Tether's deposit is under scrutiny due to its involvement in the dispute.
  • The disagreement centers around additional payments specified in an agreement, with Britannia Financial claiming Tether deposited funds with its London subsidiary.
  • Tether has faced regulatory scrutiny in the past, but settled investigations without admitting liability.
  • This legal dispute comes at a time when London aims to establish itself as a cryptocurrency industry hub.

The sentiment of the article is neutral, providing factual information about the ongoing legal battle and Tether's involvement.

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You May Ask

What is the amount of Tether's deposit with Britannia Financial's subsidiary?What is the reason for the ongoing legal battle in London's High Court?Who is involved in the dispute over the sale of the Bahamas brokerage?What regulatory scrutiny has Tether faced in the past?What are the implications of this legal dispute for London's cryptocurrency industry aspirations?

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