Tether Implements New Wallet-Freezing Policy to Target Sanctioned Entities
Tether, the leading issuer of stablecoins, has introduced a new policy aimed at preventing activity associated with entities sanctioned by US regulators. This initiative specifically targets individuals on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List. The goal of this move is to collaborate more closely with global regulators and law enforcement in order to protect the use of stablecoins. Tether has taken additional precautions by freezing wallets that have been added to the SDN list to prevent potential misuse of USDT.
According to Tether CEO Paolo Ardoino, this decision aligns with the company’s commitment to maintaining high safety standards for its global ecosystem and strengthening its relationship with law enforcement and regulators. Tether is known as one of the largest Bitcoin holders and has been regularly purchasing BTC using a portion of its net realized operating profits. Ardoino emphasized that Bitcoin’s resilience, limited supply, decentralization, and widespread adoption make it an attractive investment choice.
Hot Take: Tether Takes Proactive Measures Against Sanctioned Activity
Tether’s introduction of a wallet-freezing policy demonstrates its dedication to combatting illicit activity within the cryptocurrency industry. By freezing wallets associated with sanctioned entities, Tether aims to safeguard stablecoin usage and promote a safer ecosystem for all users. This proactive approach not only aligns with global regulations but also showcases Tether’s commitment to working closely with law enforcement and regulators worldwide. Furthermore, Tether’s strategic investment in Bitcoin highlights its confidence in the cryptocurrency’s long-term value and transformative potential.
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