In light of several U.S.-based banks severing their crypto ties, stablecoin issuer Tether has partnered up with Bahamas-based private bank Britannia for dollar transfer processing.
Tether Turns To Bahamas For Banking Needs
According to the latest reports, Tether has integrated the Britannia Bank & Trust Ltd. to process dollar transfers on its platforms. Although the stablecoin issuer has not directly addressed these reports and it is not clear when the banking relationship between the two started, people familiar with the matter have claimed that Tether had instructed clients to send money to Britannia’s bank account in the last few months.
The firm has also integrated other banks like Deltec and Capital Union into its platform.
Banking Exodus Among Crypto Firms
There has been a recent spike in regulatory scrutiny in the United States. Regulators are coming down harder on crypto firms and on banks that associate with them. They clearly do not want a repeat of last year’
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