Tether’s bank partner Britannia sued over $1B deposit: Report


21 Nov 2023 1:14 PM

Tether’s bank partner Britannia Financial is reportedly sued by a company that sold its brokerage platform to the firm in 2021. ...

  • Tether's bank partner, Britannia Financial, is facing a lawsuit over allegations of not paying the full price of revenue-generating assets related to a deposit from Tether.
  • Arbitral International, a company registered in the British Virgin Islands, has sued Britannia over a $1 billion deposit from Tether.
  • The lawsuit is connected to Britannia's acquisition of Arbitral's brokerage business, Arbitral Securities.
  • The agreement between Britannia and Arbitral included Britannia Financial paying an additional sum based on the number of revenue-generating assets held by Arbitral Securities a year after the sale.
  • Tether opened an account with a subsidiary of Britannia Financial in November 2021, introduced by Aldo Mazzella, who has had a commercial relationship with Tether since around 2017.
  • Tether's stablecoin, USDT, has been gaining momentum and approaching a $90 billion market capitalization.
  • USDT's growth has been driven by market excitement around the potential approval of a spot Bitcoin exchange-traded fund and increasing demand in emerging markets like Brazil.

The article primarily focuses on a lawsuit against Britannia Financial related to a deposit from Tether. It also highlights the growth and market momentum of Tether's stablecoin, USDT. Overall, the sentiment is neutral.

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You May Ask

What is the lawsuit against Britannia Financial about?Who is Arbitral International and what is their involvement in the lawsuit?How did Tether become connected to Britannia Financial?What factors have contributed to the growth of Tether's stablecoin, USDT?Which emerging market has shown increasing demand for USDT?

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