Top stablecoin issuer Tether welcomes the FBI and the Secret Service
To fight against the malicious actors, Tether firm welcomed the FBI & Secret Service to join.
Tether is a top stablecoin firm, a subsidiary of the popular crypto exchange Bitfinex. Tether was the first in the crypto world which brought the concept of stablecoin and that is why the company is getting the first-mover advantage in this innovative sector, despite huge competition among multiple stablecoin firms.
Paolo Ardoino, the new CEO of Tether, aimed to help the US government authorities fight against crypto-linked bad actors easily.
Just a few weeks ago, Tether introduced a new policy under which they can freeze the USDT funds of people if found directly linked with any suspicious activity.
In the recently published shared letter with the US legislators, Tether CEO showed his vision to fight against the suspicious actors active in the crypto sector which includes onboarding law enforcement heavyweights the Secret Service and the FBI.
Tether firm decided to fully cooperate with law enforcement agencies to fight against activities like Terrorism financings & misuse of cryptocurrencies.
So far the enforcement agencies succeeded in freezing nearly $3.5 million worth of USDT which were found linked with suspicious & illegal financial activities because of the cooperation of Tether.
To date, Tether successfully froze $435 million worth of USDT in total which were found in connection with suspicious activities. Tether froze these funds on behalf of the FBI’s order.
Nearly two months ago, US Attorney General Merrick Garland and US Senator Cynthia Lummis penned a letter to the US DOJ to increase investigation around stablecoins. In particular, they requested to look into Tether’s operation to find potential involvement in illicit activities
So here we can say that everything is crystal clear as to why the Tether firm directly opened its hand for the US enforcement agencies to join & fight against criminals. All of these steps will help the crypto industry to evolve in a better environment.
Read also: Another American crypto exchange faces a $1.2M penalty (CoinList vs OFAC)
