Tether billion-dollar deposit in UK bank sparks legal showdown: FT

Tether billion-dollar deposit in UK bank sparks legal showdown: FT
фото показано с : cryptoslate.com

2023-11-21 16:30

Tether, the USDT stablecoin issuer, deposited approximately $1 billion into the U.K. subsidiary of Britannia Financial Group in November 2021, Financial Times reported today, Nov. 21, citing court documents.

This revelation emerged amid the ongoing legal clash between Britannia Financial Group and Arbitral International. Arbitral filed a lawsuit against Britannia earlier this year in London, alleging the bank’s failure to fulfill payment obligations for a Bahamas-based brokerage it acquired in June 2021.

Post the acquisition, both parties agreed on additional fees based on revenue-generating assets for a year, encompassing clients introduced by Arbitral or other entities.

Arbitral’s legal filing accuses Britannia of non-payment related to the $1 billion Tether deposit, which occurred within a year of Britannia purchasing the brokerage.

However, Britannia refutes the claim, saying the deposit was made to its London-based subsidiary, which is distinct from the brokerage acquired from Arbitral.

Moreover, conflicting narratives exist between the firms regarding the origin of the Tether deposit. Britannia attributes the link to Tether through Aldo Mazella, a professional introducer, while Arbitral contends that an executive from its former brokerage played a role in the process.

Tether has yet to respond to CryptoSlate’s request for comment.

Tether’s USDT is a digital asset pegged to the U.S. dollar and is the world’s largest stablecoin. USDT has a circulating supply of more than 88 billion and controls around 70% of the market, according to CryptoSlate’s data.

Due to its significant role in the cryptocurrency industry, the company’s financial management practices have faced questions, demanding it enhance transparency regarding the reserves backing the USDT stablecoin.

However, Tether has maintained publicly that it remains fully backed, with its incoming CEO Paolo Ardoino promising  to publish real-time attestation of its reserves in the future.

The post Tether billion-dollar deposit in UK bank sparks legal showdown: FT appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Tether (USDT) на Currencies.ru

$ 1 (+0.00%)
Объем 24H $45.259b
Изменеия 24h: -0.02 %, 7d: 0.03 %
Cегодня L: $0.9997 - H: $1.0006
Капитализация $111.437b Rank 3
Цена в час новости $ 1.0002 (-0.02%)

financial tether 2021 november britannia group reported

Источник: cryptoslate.com

financial tether → Результатов: 126


Why Senator Cynthia “Crypto Queen” Lummis Calls on Justice Department to Charge Binance

Senator Cynthia Lummis’s appeal for investigating Binance and Tether underscores a critical regulatory concern amid allegations of these platforms facilitating illicit financial activities. The post Why Senator Cynthia “Crypto Queen” Lummis Calls on Justice Department to Charge Binance appeared first on BeInCrypto.

2023-10-27 22:51


Фото:

Cryptocurrencies under $1 to get you into crypto for June

Polygon MATIC/USD and Cardano ADA/USD  are some of the best cryptocurrencies that you can get for under $1. On May 27, 2022, we saw Tether Token (USDT) launched on Polygon. On May 30, 2022, Cardano Foundation announced the Crypto Valley Conference, where the CEO of the Cardano Foundation, Frederik Gregaard, and the head of financial […] The post Cryptocurrencies under $1 to get you into crypto for June appeared first on Invezz.

2022-6-1 16:42


Фото:

Техдиректор Tether сообщил об отсутствии у компании планов выхода на IPO

Эмитент стейблкоина Tether не рассматривает возможность выхода на IPO. Об этом в интервью CryptoPotato заявил CTO компании Паоло Ардоино. Позиция руководства Tether отличается от планов стоящей за стейблкоином USDC компании Circle Internet Financial.

2022-5-5 16:00


Tether протестирует сервис идентификации для соответствия нормам FATF

Эмитент стейблкоина USDT Tether анонсировал тестирование решения цифровой идентификации от компании Notabene. In order to assist cryptocurrency exchanges, digital wallet providers, and financial institutions with the new FATF Travel Rule requirement, #Tether will begin testing the Notabene platform.

2021-10-26 16:21


Фото:

US financial regulators voice concerns over Tether and Facebook’s Diem

Tether (USDT/USD) and Facebook’s Diem, formerly Libra, were the main topic in a recent private meeting that discussed the risks stablecoins pose to financial systems. A report citing people familiar with the matter disclosed this news on July 27, noting that the US Treasury Secretary, Janet Yellen, led the meeting, which comprised the President’s Working […] The post US financial regulators voice concerns over Tether and Facebook’s Diem appeared first on Invezz.

2021-7-29 16:34


Фото:

Tether (USDT) and Facebook-Backed Diem Discussed at the Yellen Closed-Door Meeting

Tether and Facebook-backed Diem were the primary topics in the U.S. meeting of regulators recently. According to reports, the meeting was held to address the financial risks posed by stablecoins.  More Details About The Concern The President’s Working Group on Financial Markets and a team of watchdogs led by Janet Yellen raised their concerns, citingRead More

2021-7-29 15:00


Фото:

Tether добавит поддержку блокчейна Avalanche

Эмитент стейблкоина USDT Tether объявил о поддержке блокчейна Avalanche. We’re pleased to announce that Tether tokens (USDt) will be available on Avalanche @avalancheavax, an open-source platform for launching highly decentralized applications, new financial primitives and new interoperable blockchains.

2021-5-18 18:38


CEO Avanti Financial: Отчет Tether мог повлиять на падение крипторынка

Основательница и генеральный директор Avanti Financial утверждает, что недавнее раскрытие Tether информации о резервах стейблкоина, возможно, способствовало последнему снижению курсов криптовалют. В серии записей в Twitter Кейтлин Лонг (Caitlin Long) заявила, что обеспечение Tether Holdings Limited резервов Tether (USDT) было инвестировано не в «краткосрочные, менее рискованные и ликвидные ценные бумаги», а в кредитные активы «неизвестно какого качества». 1/ […]

2021-5-18 14:53


Фото:

Кейтлин Лонг: «снижение курсов криптовалют может быть связано с отчетом Tether»

Основательница и генеральный директор Avanti Financial утверждает, что недавнее раскрытие Tether информации о резервах стейблкоина, возможно, способствовало последнему снижению курсов криптовалют.

2021-5-18 12:29


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Kraken may delist USDT in EU to comply with MiCA

Kraken is reviewing its support for Tether's USDT in the EU as new MiCA regulations approach and impact stablecoin operations. The post Kraken may delist USDT in EU to comply with MiCA appeared first on Crypto Briefing.

В Китае ликвидировали подпольный криптовалютный банк с оборотом $1,9 млрд

Представители муниципального бюро безопасности города Чэнду в провинции Сычуань на юго-западе КНР объявили о прекращении деятельности нелегального криптовалютного банка. Организация оказывала, уверяют власти, финансовые услуги группам контрабандистов и лицам, желающим вывести свои деньги через криптовалюты в другие юрисдикции.

Взлом FixedFloat и кража на сотни тысяч долларов

1 апреля 2024 года сервис FixedFloat* подвергся взлому. По информации из новостных источников, было похищено как минимум $2. 8 млн в криптовалюте. *FixedFloat — это DEX сервис, предназначенный для обмена криптовалют и токенов, запущенный в 2018 году.