The USDT issuer company responded against the Wall Street Journal (WSJ) report and claimed that the report was wholly inaccurate and misleading.
USDT is first ranked stablecoin in the crypto sector by trade volume. Tether is the back-end company behind this stablecoin which manages all the financial operations & maintenance supply of USDT stablecoin in the market to ensure the value of each USDT equal to $1. Tether is a subsidiary of Bitfinex Crypto exchange.
On 3 March 2023, The Wall Street Journal (WSJ) report alleged that Tether & Bitfinex exchange used fake sales invoices and transactions and hid behind third parties to access banking services.
According to the WSJ report, with transparent operations & actual identity, any one of these two companies may not have been able to open a bank account.
The report also claimed that the firm’s Chinese subsidiary deceived the banking system because they used fake sale invoices for each fund deposit & withdrawal.
Recently Tether published a dedicated blog post to respond to the WSJ report and said that WSJ has been reporting similarly for a long time and the latest reporting was inaccurate and misleading.
Tether confirmed that all of its services & engagement with govt agencies are enough to show the reputation of the company.
“Bitfinex and Tether have world-class compliance programs and adhere to applicable Anti-Money Laundering, Know Your Customer, and Counter-Terrorist Financing legal requirements,” Tether’s blog post stated.
On 4 March, Tether and Bitfinex chief technology officer Paolo Ardoino responded to this whole controversial reporting and said that he heard some clown honks during the PlanB anniversary, probably it was WSJ.