Critics of Tether's Terms of Service Prompt CTO to Address FUD Concerns

Tether Addresses Confusion Over Changes to Terms of Service in Singapore

Tether has responded to claims made by the CEO of Cake DeFi, Dr. Julian Hosp, regarding changes to its terms of service in Singapore. Hosp shared an email screenshot from Tether stating that the company had updated its onboarding standards and would no longer allow certain entities based in Singapore to use its services.

Tether CTO Clears Up Misunderstandings

However, Tether’s Chief Technology Officer (CTO), Paolo Ardoino, took to Twitter to address the confusion. Ardoino pointed out that the web archives of Tether’s official website clearly show that Singapore has been a prohibited jurisdiction since 2020. This means that the recent change is not actually a change at all but rather a clarification of existing terms.

Bake DeFi CEO Expresses Frustration

Dr. Hosp expressed frustration over the situation, stating that they were unable to redeem USDT into USD due to Tether’s restrictions. This led to concerns within the community, with some speculating that it was related to a recent money laundering case in Singapore.

Reputation Concerns for Tether

While the reports about Tether’s changes to its terms of service may have been exaggerated, the company has faced criticism recently for resuming lending services despite promising to reduce loans. This has raised concerns about the company’s reputation and transparency.

Hot Take: Clarifying Tether’s Terms of Service in Singapore

The controversy surrounding Tether’s alleged changes to its terms of service in Singapore appears to be a misunderstanding. The company’s CTO clarified that Singapore has been a prohibited jurisdiction since 2020, and the recent email was simply a reminder of this existing policy. While Tether has faced criticism for other issues, such as its lending practices, it’s important to verify information before jumping to conclusions and spreading fear, uncertainty, and doubt (FUD).