PANews reported on September 29 that according to Protos, Deltec Bank and Trust has sold its business line to Britannia Bank and Trust; both banks have served Tether and operate in the Bahamas. Britannia Chairman Julian Francis said that the company did not acquire Deltec, but only acquired the business line of Deltec Bank. Deltec Bank CEO Odetta Morton has repeatedly pointed out that she believes this "will pave the best path to continue to provide first-class services, technology and access to global markets."
Deltec Bank was once one of the most important banks in the crypto ecosystem, providing Tether with a connection to the banking system after most banks refused to do business with it, and also providing convenient services to many other cryptocurrency entities. In fact, it was Deltec's executives and leadership that worked with FTX and Alameda Research to acquire Farmington State Bank in Washington State (later renamed Moonstone). It is also said that Deltec provided Alameda Research with a large credit line to facilitate its Tether arbitrage trading. Tether has also been working with Britannia for many years, and DigiFinex shareholders and Britannia Financial Group are both major Conservative Party donors in the UK.
Julio Herrerra Velutini, the founding chairman of Britannia Financial Group, has resigned from his companies after being charged with bribery in Puerto Rico.