{"id":54816,"date":"2023-08-30T09:36:41","date_gmt":"2023-08-30T13:36:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tether-turns-to-britannia-bank-trust-amidst-us-crypto-banking-struggles\/"},"modified":"2023-08-30T09:36:44","modified_gmt":"2023-08-30T13:36:44","slug":"tether-turns-to-britannia-bank-trust-amidst-us-crypto-banking-struggles","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54816","title":{"rendered":"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles"},"content":{"rendered":"
\n

Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to facilitate dollar transfers, according to unnamed sources cited by Bloomberg.<\/p>\n

Although it remains unclear exactly when the new banking relationship started, Tether has allegedly instructed clients to send funds to Britannia’s bank account in recent months.<\/p>\n

Tether, which issues the world\u2019s most popular stablecoin USDT, has not commented on the matter. Britannia Financial Group, the parent of Britannia Bank & Trust, has also refrained from making a statement.<\/p>\n

It is well-known that Tether historically has faced challenges accessing the traditional financial system, and in particular US-based banks.<\/p>\n

Tether\u2019s chief technology officer, Paolo Ardoino, has previously disclosed some of the company\u2019s banking partners, including Bahamian lenders Deltec Bank & Trust Ltd. and Capital Union Bank, as well as Cantor Fitzgerald, which serves as a custodian for Tether’s Treasury bill holdings.<\/p>\n

Tether’s banking relationships have been the subject of speculation, with the company having reached a settlement with the New York Attorney General in 2021 over allegations of misrepresenting its reserves and losses.<\/p>\n

Tether secrecy a \u2018major impediment\u2019 for industry<\/h2>\n

Commenting to Bloomberg, Patrick Tan, general counsel for blockchain analytics firm ChainArgos, said that Tether\u2019s complicated relationship with banks and regulators has become a problem for the crypto industry.<\/p>\n

\u201cThe secrecy surrounding Tether\u2019s banking relationships continues to be a major impediment for developing the cryptocurrency industry, deterring regulatory approvals on other matters, and discouraging traditional asset managers with little tolerance for regulatory risk from more active participation in the space,\u201d Tan said.<\/p>\n

Britannia Financial Group has expanded its presence through acquisitions in recent years, including a proprietary crypto trading firm in April last year.<\/p>\n

At the time of the acquisition, Britannia\u2019s CEO called crypto as \u201cincreasingly important asset class\u201d for many of its clients.<\/p>\n

The London-based firm\u2019s CEO, Mark Bruce, joined from Jump Trading in 2022.<\/p>\n

The market capitalization of USDT tokens in circulation has grown significantly this year, from around $66 billion at the beginning of the year to almost $83 billion as of today, per data from CoinGecko.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to facilitate dollar transfers, according to unnamed sources cited by Bloomberg. Although it remains unclear exactly when the new banking relationship started, Tether has allegedly instructed clients to send funds to Britannia’s bank account in […]<\/p>\n","protected":false},"author":1,"featured_media":54817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-54816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nTether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=54816\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=54816\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-30T13:36:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T13:36:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/tether-logo___media_library_original_1200_738.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"738\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54816#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54816\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles\",\"datePublished\":\"2023-08-30T13:36:41+00:00\",\"dateModified\":\"2023-08-30T13:36:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54816\"},\"wordCount\":371,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=54816#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54816\",\"url\":\"https:\/\/ifintechworld.com\/?p=54816\",\"name\":\"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-30T13:36:41+00:00\",\"dateModified\":\"2023-08-30T13:36:44+00:00\",\"description\":\"Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54816#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=54816\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54816#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles | iFintechWorld","description":"Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=54816","og_locale":"en_US","og_type":"article","og_title":"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles | iFintechWorld","og_description":"Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to","og_url":"https:\/\/ifintechworld.com\/?p=54816","og_site_name":"iFintechWorld","article_published_time":"2023-08-30T13:36:41+00:00","article_modified_time":"2023-08-30T13:36:44+00:00","og_image":[{"width":1200,"height":738,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/tether-logo___media_library_original_1200_738.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=54816#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=54816"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles","datePublished":"2023-08-30T13:36:41+00:00","dateModified":"2023-08-30T13:36:44+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=54816"},"wordCount":371,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=54816#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=54816","url":"https:\/\/ifintechworld.com\/?p=54816","name":"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-30T13:36:41+00:00","dateModified":"2023-08-30T13:36:44+00:00","description":"Stablecoin issuer Tether has established a banking relationship with Britannia Bank & Trust, a privately-held bank located in the Bahamas, to","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=54816#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=54816"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=54816#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Tether Turns to Britannia Bank & Trust Amidst US Crypto Banking Struggles"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54816"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54816\/revisions"}],"predecessor-version":[{"id":54818,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54816\/revisions\/54818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/54817"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}