Bittime - Tether CEO Paolo Ardoino responded to recent negative reports about USDT via the X platform. He emphasized the transparency of blockchain and Tether's cooperation with global law enforcement to meet compliance requirements.
Tether Joins the Fight Against Financial Crime
According to Ardoino, USDT leverages blockchain transparency to help law enforcement track suspicious activity. Tether worked with Chainalysis to block more than $1.3 billion in funds related to fraud, hacking, money laundering and terrorist financing.
Additionally, Tether has cooperated with law enforcement on 98 wallet blocking requests in the last 12 months. This cooperation included blocking transactions worth more than $639 million with US law enforcement.
Ardoino criticized other stablecoins which he said complicate the blocking process by requiring a court order, thus allowing criminals to move funds over a long period of time.
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Transparency and Security for the Global Community
USDT is currently the most popular stablecoin in the world, especially in developing countries and emerging market countries.
Many communities in the region do not have access to traditional banking and are turning to USDT as an alternative for everyday financial transactions.
Tether, according to Ardoino, is committed to ensuring the security of the USDT ecosystem for the benefit of the entire global community.
Dismiss Negative Issues
Ardoino regrets the mainstream media coverage, which according to him is more interested in spreading negative sensations regarding the use of stablecoins and crypto as a whole.
He also shared the latest data regarding Tether's compliance efforts which have so far escaped the media spotlight. Here are some important points shared by Ardoino.
- Tether complies with the OFAC/SDN (Office of Foreign Assets Control/Specially Designated Nationals) sanctions list.
- Tether has an internal investigation team trained to monitor activity on the main platform and secondary markets (blockchain and exchange).
- Tether is working with Chainalysis to enhance proactive monitoring capabilities.
- Since its inception, Tether has worked with 124 law enforcement agencies in more than 40 countries.
- Tether has blocked more than $1.3 billion in financial crime-related funds.
- Tether voluntarily cooperated with law enforcement on 198 wallet blocking requests in the last 12 months (90 with US law enforcement).
- The wallet block that Tether carried out with US law enforcement was worth more than $639 million.
- Tether involved the FBI and USSS in the process of reissuing USDT tokens.
- Tether has cooperation with Israel's NBCTF and Ukrainian law enforcement.
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USDT and Legal Compliance
This statement from Tether's CEO seeks to provide a more complete picture of Tether's efforts to ensure compliance and security of the USDT ecosystem. Based on the above statement, Tether leverages blockchain technology for transparency and works with global law enforcement to block illegal financial activities.
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Also Read:
Tether, the Controversial Stablecoin
Tether Denies Deutsche Bank on Stablecoin Crash Theory!
The Potential Impact of Tether (USDT) on the Future of Cryptocurrencies
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