Tether sent $1B to UK firm owned by prominent Conservative donor
A court case has revealed unique insights into Tether’s relationship with UK-based investment banking firm Britannia Financial, as High Court filings show the stablecoin issuer deposited over $1 billion with its subsidiary. On Tuesday, the Financial Times reported that documents in a dispute between Arbitral International and Britannia Financial show Tether deposits at the heart of the case. Arbitral claims Britannia didn’t pay all of an agreed-upon sum for a Bahamas-based brokerage it sold the firm in June 2021. Both parties have attested that there was an agreement to pay an extra sum a year after the sale, based on the amount of profitable assets the brokerage held — including from clients Arbitral brought in. Under that agreement, Arbitral argues, Tether’s $1 billion deposit would entitle the firm to the extra sum because it was made within the year timeframe . Only, Britannia Financial believes that Tether put the funds in its subsidiary based in London...