Tether Responds to Wall Street Journal’s Allegations on Forgery and Compliance

03/04/2023 03:14 • Metaverse Matters • 95 views

According to reports, in response to the Wall Street Journal’s report that the stable currency issuer Tether had opened a bank account through forgery of documents and “shadow intermediary”, Tether has issued a statement on its official website that the Wall Street Journal’s report on the old allegations of a long time ago is completely inaccurate and misleading. Bitfix and Tether have world-class compliance plans and comply with applicable anti-money laundering Know your customer (KYC) and anti-terrorism financing (AML) legal requirements. Bitfinex and Tether are partners of global law enforcement agencies, and often voluntarily assist the United States Department of Justice and other law enforcement agencies around the world to prevent money laundering, terrorism and other criminal activities of bad actors.

Tether: The Wall Street Journal’s accusation of falsifying bank documents is completely inaccurate and misleading

Analysis based on this information:

Tether, the stable currency issuer, has recently responded to allegations from the Wall Street Journal that they had opened a bank account through forgery of documents and “shadow intermediary.” The company issued a statement on its official website, categorically denying the claims, saying that the allegations on the old allegations of a long time ago is completely inaccurate and misleading.

Furthermore, the statement from the company explained that Bitfinex and Tether have world-class compliance plans and comply with anti-money laundering Know your customer (KYC) and anti-terrorism financing (AML) legal requirements. It also asserted that the company is in partnership with global law enforcement agencies and often assist the United States Department of Justice and other law enforcement agencies around the world to prevent money laundering, terrorism and other criminal activities of bad actors.

Tether’s response does not come as a surprise as the company had previously been under scrutiny over allegations of manipulation of Bitcoin’s price, accounting irregularities and other issues. To this end, the company hired Freeh Sporkin & Sullivan LLP (FSS), a third-party law firm in June 2018, to look into their bank accounts and provide transparency through an audit.

Tether’s response reinforces the company’s commitment to transparency and upholding the highest standards in compliance. The company’s world-class compliance plans, as mentioned in the statement, give it a competitive edge in the cryptocurrency market, especially with increased regulatory scrutiny globally.

In conclusion, Tether’s response to the Wall Street Journal’s allegations underpins the company’s commitment to transparency and its dedication to complying with global legal standards. The company’s compliance plans, along with its partnerships with global law enforcement agencies, cement Tether’s position as a leader in the cryptocurrency industry.

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