Tether refutes “stale allegations” from Wall Road Journal

• Tether calls Wall Road Journal’s claims “stale allegations from way back.”
• The USDT issuer famous in a latest weblog submit that it adheres to all regulatory and authorized necessities round KYC, AML and Counter Terrorism Financing.
• Tether says FUD 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 repudiated a latest report about it and Bitfinex as “wholly inaccurate and deceptive.” Bitfinex is a number one crypto alternate with ties to the USDT issuer.

On Friday final week, The Wall Road Journal printed a report that claimed Tether and Bitfinex had used phony paperwork and entities to achieve and preserve entry to financial institution accounts. 

Per the report, the pretend paperwork allowed the cryptocurrency corporations to entry banking companies that might in any other case haven’t been prolonged to them.

Tether says WSJ report is “deceptive”

Tether dismissed the allegations by the Wall Road Journal in a weblog submit printed on 3 March. Hanging again on the media outlet, Tether mentioned the report had introduced out “stale allegations from way back,” and famous the claims in opposition to it have been deceptive.

Accordin to Tether, simply as Bitfinex, its operations are anchored on “world-class compliance packages.” 

Particularly, the 2 corporations have and proceed to stick to all of the relevant Know Your Buyer (KYC), Anti-Cash Laundering (AML) and Counter-Terrorist Financing (CTF) necessities.

In addition to adhering to the above authorized necessities, each platforms have partnered with world regulation enforcement to additional compliance and assist the broader crypto ecosystem, Tether famous. This contains voluntarily working with the US Division of Justice and a number of different regulation enforcement companies the world over to fight cash laundering and terrorism.

As for the WSJ report, the group says it’s one more try at utilizing FUD (worry, uncertainty and doubt) in opposition to it. Nonetheless, this “unfair assault” received’t distract Tether from its function throughout the crypto business – which is to proceed being probably the most liquid and most dependable stablecoin.

Bitfinex and Tether CTO Paolo Ardoino slammed the WSJ as being obsessive about spreading FUD concerning the two crypto corporations. He tweeted the feelings whereas on the PlanB anniversary in Lugano, Switzerland.

Love the obsession for Tether. I hope WSJ is not going to begin asking Tether a lease. To this point we lived lease 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 improvement across the Silvergate Financial institution. BTC value nosedived to lows of $22,000 earlier than seeing a minor bounce over the weekend.

Though the Tether group didn’t touch upon the impression on markets, they famous that the corporate doesn’t have publicity to Silvergate.