Tether, the leading stablecoin issuer, has teamed up with Bahamas-based Britannia Bank & Trust, a respected private bank, as per a Bloomberg report.
Tether has joined forces with Bahamas-based Britannia Bank & Trust to enhance dollar transfers efficiency on its platform. This marks Tether’s third Bahamian banking partnership, in addition to collaborations with Deltec and Capital Union. Clients have been advised to direct their funds to Britannia Bank’s account, showcasing Tether’s commitment to strengthening its financial infrastructure.
In response to growing regulatory scrutiny for U.S. cryptocurrency firms, offshore banking partnerships have become more appealing. Tether’s confidentiality around its financial statements and banking ties has raised concerns within the industry. Critics argue that this lack of transparency hinders trust-building in the cryptocurrency ecosystem, especially considering Tether’s central role in supporting much of the market.
Cryptocurrency companies aren’t alone in seeking favorable regulatory environments; traditional financial institutions face similar pressures. U.S.-based cryptocurrency firms like Binance have struggled to secure new banking partnerships amid heightened regulatory oversight.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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