Tether Expands Bahamas Business Through Britannia Bank & Trust
Date
8/30/2023 2:00:30 PM
(MENAFN- CoinXposure)
The partnership seeks to improve the efficiency of dollar transfers on Tether's platform. It represents the stablecoin issuer's third banking partnership in the Bahamas, following agreements with Deltec and Capital Union.
In recent months, Tether has advised its clients to direct their funds to Britannia Bank's account, according to sources with knowledge of the situation. Although the precise start date of this banking relationship is currently unknown, it demonstrates Tether's commitment to bolstering its financial infrastructure
In response to the expanding regulatory scrutiny faced by U.S.-based cryptocurrency firms, many have sought refuge in offshore banking partnerships.
The industry is speculating and concerned about storing Tether's $86 billion in assets due to the company's decision to maintain confidentiality regarding its financial statements and banking affiliations.
Opponents assert that Tether's lack of transparency poses a significant obstacle, as transparency is essential for establishing trust within the cryptocurrency ecosystem.
This concern is especially pertinent due to Tether's central position in supporting a substantial portion of the cryptocurrency market, with its USDT token as a trading activity linchpin.
See also Getting to Know Coinxposure – Your Trusted Crypto News Source 1 month ago
Cryptocurrency firms are not alone in seeking jurisdictions with favorable regulatory environments; traditional financial institutions have encountered comparable pressures.
Other U.S.-based cryptocurrency businesses, such as Binance , have encountered difficulty obtaining new banking partnerships due to increased regulatory oversight.
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