Tether Denies Forging Documents for Bank Account

03/04/2023 03:14 • Daily Digest • 82 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

Interpretation of the news:

Tether, a stable currency issuer, has issued a statement in response to a report by the Wall Street Journal claiming that the company had opened a bank account through forgery of documents and a “shadow intermediary”. According to Tether, the report is inaccurate and misleading, and it refers to old allegations that have no basis in reality.

Tether asserts that it has world-class compliance plans and that it complies with all applicable legal requirements regarding anti-money laundering, know your customer, and anti-terrorism financing measures. The company also claims to be a partner of global law enforcement agencies and to cooperate voluntarily with the United States Department of Justice and other agencies around the world to prevent criminal activities such as money laundering and terrorism.

The Wall Street Journal’s report suggests that Tether managed to open a bank account by using fake documents and an intermediary that was not authorized to handle financial transactions. Tether, however, disputes these claims and emphasizes its strong commitment to compliance and regulatory oversight.

Tether’s response to the Wall Street Journal’s report is an attempt to defend its reputation and credibility, which have been questioned by some investors and analysts in recent months. The company has been under scrutiny over allegations that it has been manipulating the cryptocurrency market and that its stablecoin is not fully backed by US dollars.

Tether’s statement highlights the importance of transparency and due diligence in the cryptocurrency industry, which has historically been associated with money laundering, fraud, and other criminal activities. By asserting its compliance with international legal standards and its cooperation with law enforcement agencies, Tether aims to demonstrate that it is a legitimate and trustworthy player in the crypto market.

In conclusion, Tether’s response to the Wall Street Journal’s report is a significant development for the stablecoin industry, as it shows that issuers are taking compliance and regulatory oversight seriously. Tether’s commitment to compliance and cooperation with law enforcement is a welcome step towards greater transparency and accountability in the cryptocurrency market.

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