Tether Denies Reports of Forgery and Shadow Intermediaries
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 docum…
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
Interpret the above information:
The controversy surrounding Tether, a stable currency issuer, has been making rounds as reports from the Wall Street Journal surfaced. The report claims that Tether had opened a bank account through forgery of documents and “shadow intermediary,” which has caused Tether to issue a statement on its official website denying such allegations.
Tether asserts that the Wall Street Journal’s report on old allegations is inaccurate and misleading. The company highlights its world-class compliance plans that fulfill applicable anti-money laundering Know your customer (KYC), and anti-terrorism financing (AML) legal requirements. Tether emphasizes its partnership with global law enforcement agencies and its voluntarily cooperation with the United States Department of Justice and other law enforcement agencies worldwide to prevent money laundering, terrorism, and any other criminal activities orchestrated by bad actors.
The allegations against Tether can cause significant harm to the company and its partnerships. Therefore, it is critical for Tether to have a robust compliance framework that ensures ethical business practices. Compliance in today’s market acts as an essential aspect, and most firms need to comply with regulations to prevent reputational risks and legal consequences.
Moreover, Tether’s emphasis on compliance aligns with the growing scrutiny in the cryptocurrency industry. Regulators worldwide have been seeking to regulate the industry and discourage bad actors from using cryptocurrencies for illicit activities. Compliance, therefore, plays a crucial role, especially in the rapidly evolving cryptocurrency realm.
In conclusion, Tether’s statement denies reports of forgery and shadow intermediaries, emphasizing its robust compliance framework, partnership with law enforcement agencies, and voluntary cooperation with the United States Department of Justice and other law enforcement agencies worldwide. Compliance is a critical aspect, and firms need to comply to prevent reputational risks and legal consequences.
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