The USDT issuer dismissed the news as further false information directed towards it.

Tether and its associated brokers used forged paperwork and front firms as per WSJ.

Tether, a stablecoin issuer, released a statement on Saturday in response to a Wall Street Journal article on the use of phoney paperwork and shell firms to obtain access to traditional financial institutions. The USDT issuer dismissed the news as further false information directed towards it.

Tether wrote a blog post on March 4 titled “More Tether FUD from WSJ,” in which it argued that the Wall Street Journal’s statements were “wholly inaccurate and misleading.” This article also contends that Bitfinex, a cryptocurrency exchange, and Tether, a stablecoin issuer, both have compliance systems to ensure they are in compliance with AML, KYC, and CTF regulations.

Denies Claims of Misconduct

The blog claims that Bitfinex and Tether are always willing to work with law authorities throughout the world including in the United States to combat money laundering, terrorist financing, and other criminal activities.

Tether said it is committed to providing the “most liquid and reliable stablecoin experience” despite the noise and the fear, uncertainty, and doubt (FUD) that has been spread about USDT and the organizations that support it. In the fourth quarter of 2022, Tether recorded a profit of $700 million, $67 billion in consolidated total assets, and $960 million in surplus reserves.

According to the article published by the WSJ, Tether and its associated brokers used forged paperwork and front firms to obtain access to financial systems in 2018. Emails from Tether Holdings co-owner Stephen Moore are included in the report, demonstrating how a trader in China forged invoices and connections to acquire access to bank accounts.

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Filed under: Bitcoin - @ March 4, 2023 12:55 pm