Tether Refutes UN Allegations On USDT

In a bold move, Tether, one of the leading cryptocurrency platforms, categorically denied UN accusations that its stablecoin, USDT, is a tool frequently used by criminals. A recent report from the UN stated that Tether's USDT was involved in various illegal activities, including money laundering and fraud tactics known as "pig butchering" in Southeast Asia.

In response, Tether immediately declared their cooperation with world law enforcement agencies, including the US Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the US Secret Service (USSS). Tether emphasized that the UN report did not pay attention to the important role of blockchain technology in detecting and preventing illegal activities.

Tether, as a stablecoin issuer , has the ability to freeze illegal transactions, a feature that traditional assets do not have. The transparency of the public ledger makes it easier to trace detailed transactions, becoming a powerful tool in fighting cryptocurrency- related crimes , according to the company.

Tether Fights UN Assessment Of USDT

In a press release issued on January 16, Tether denied the UN's findings. They emphasized their commitment to fighting illegal activities through close cooperation with law enforcement agencies around the world.

Tether also argues that its transparent blockchain technology allows for better monitoring than traditional banking systems, becoming an important anti-money laundering (AML) practice.

According to Tether's statement, "The UN analysis does not take into account the traceability of Tether tokens and Tether's proven record of cooperation with law enforcement."

Tether also highlighted that they have frozen more than US$300 million in recent months, demonstrating their commitment to fighting criminal use in the cryptocurrency space.

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Tether Asks the UN to Look at the Potential of Stablecoins to Combat Financial Crime

Tether also called for a more comprehensive approach and regulation of crypto, urging the UN to look at the positive impact of centralized stablecoins in anti-financial crime efforts.

The companies also offered to collaborate on developing modern strategies to combat financial crime, inviting dialogue to improve mutual understanding.

Finally, Tether calls on the UN to better understand blockchain's potential in fighting financial crime. They emphasized the importance of proactive learning and industry collaboration to take advantage of the significant improvements offered by blockchain technology. Tether, which remains committed to transparency and accountability in digital currencies, invited the UN to engage in collaborative dialogue.

They want to discuss concerns and work together to tackle financial crime in the digital era. Tether emphasized its commitment to working with authorities to counter abuse, while encouraging recognition of blockchain's positive impact in increasing financial transparency and security.

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