- Tether calls the Wall Avenue Journal’s claims “stale allegations from a very long time in the past.”
- The USDT issuer famous in a latest weblog put up that it complies with all regulatory and authorized necessities round KYC, AML and Counter Terrorism Financing.
- Tether says that R&D is not going to distract it from its function because the main stablecoin.
Tether, the corporate behind the world’s largest stablecoin Tether (USDT), has dismissed a latest report about it and Bitfinex as “utterly inaccurate and deceptive.” Bitfinex is a number one crypto alternate with connections to the USDT issuer.
Final Friday, The Wall Avenue Journal printed a report claiming that Tether and Bitfinex had used pretend paperwork and units to realize and keep entry to financial institution accounts.
In keeping with the report, the pretend paperwork allowed the cryptocurrency firms to entry banking companies that might in any other case not have been prolonged to them.
Tether Says WSJ Report Is ‘Deceptive’
Tether dismissed the allegations from the Wall Avenue Journal in a weblog put up printed on March 3. Tether hit again on the media, saying the report had introduced up “previous allegations from a very long time in the past” and famous that the allegations towards it have been deceptive.
In keeping with Tether, like Bitfinex, its enterprise is anchored on “world-class compliance packages.”
Particularly, the 2 firms have and proceed to adjust to all relevant KYC (Know Your Buyer), Anti-Cash Laundering (AML) and Counter-Terrorist Financing (CTF) necessities.
Along with complying with the above authorized necessities, each platforms have cooperated with world regulation enforcement to additional comply and help the broader crypto ecosystem, Tether famous. This contains voluntarily working with the US Division of Justice and a number of other different regulation enforcement companies worldwide to fight cash laundering and terrorism.
As for the WSJ report, the staff says it is one more try to make use of FUD (worry, uncertainty and doubt) towards it. Nonetheless, this “unfair assault” is not going to distract Tether from its function within the crypto business – which is to proceed to be essentially the most liquid and dependable stablecoin.
Bitfinex and Tether CTO Paolo Ardoino criticized the WSJ for being obsessive about spreading FUD in regards to the two crypto firms. He tweeted the feelings in the course of the PlanB anniversary in Lugano, Switzerland.
Love the obsession for Tether. I hope the WSJ does not begin asking Tether for hire. To date we’ve got lived rent-free of their minds. https://t.co/RprcySQDp1
— Paolo Ardoino 🍐 (@paoloardoino) March 3, 2023
The crypto market reacted sharply to the Tether information, with the value of Bitcoin plummeting additional after one other sell-off linked to a different information growth surrounding Silvergate Financial institution. BTC worth dipped to lows of $22,000 earlier than seeing a minor bounce over the weekend.
Whereas the Tether staff didn’t touch upon the impression on the markets, they famous that the corporate has no publicity to Silvergate.