FT: Tether has $1 billion in deposits with British financial firm Britannia Financial

Tether's more than $1 billion in deposits with a financial services company became the focus of a legal battle at London's High Court, the Financial Times reported on Tuesday. Citing High Court documents, the report said Tether deposited the funds with a subsidiary of investment bank Britannia Financial. Britannia Financial is in a legal dispute with Arbitral International, a company registered in the British Virgin Islands, which claims that Britannia failed to pay the full price of a Bahamian brokerage firm it acquired from Arbitral in June 2021. Under the agreement between the two companies, Arbitral said it is entitled to receive additional proceeds from assets generated by the business within one year of the sale. Britannia claimed that Tether deposited funds with its subsidiary Britannia Global Markets, so the transaction had nothing to do with the brokerage firm it purchased from Arbitral. (CoinDesk)