Tether Challenges UN Report
Tether, the issuer of the USDT stablecoin, has responded to a report by the United Nations (UN) Office on Drugs and Crime that identified Tether as the “most popular vehicle for cryptocurrency-based money launderers in the Southeast Asian region.” Tether expressed disappointment in the UN’s assessment and highlighted its role in helping developing economies in emerging markets. The company emphasized its collaboration with global law enforcement agencies and its use of public blockchains, which allow for the tracking of every transaction. Tether’s CEO, Paolo Ardoino, stated that Tether is “the dumbest choice for doing illicit activity.”
Traceability and Law Enforcement Collaboration
Tether’s response emphasizes the traceability of its stablecoin and its record of collaboration with law enforcement agencies. The company has assisted the United States Department of Justice (DOJ) in freezing over $225 million USDT tokens connected to illicit activities. Tether believes that its commitment to combating the criminal use of cryptocurrencies demonstrates its dedication to community protection.
A Call For Blockchain Education
Tether argues that blockchain education is crucial in fighting financial crime and suggests that the UN should focus on how centralized stablecoins can improve anti-financial crime efforts. The company invites the UN to participate in a collaborative dialogue to expand their understanding of blockchain technology. Tether reaffirms its commitment to transparency and accountability in digital currencies.
Hot Take: Tether Challenges UN Report on Money Laundering
A recent report by the United Nations (UN) Office on Drugs and Crime identified Tether as a popular choice for cryptocurrency-based money laundering in Southeast Asia. However, Tether has challenged this report, highlighting its collaboration with law enforcement agencies and emphasizing the traceability of its stablecoin. The company argues that its continuous monitoring and use of public blockchains make it an impractical choice for illicit activities. Tether also calls for blockchain education to improve anti-financial crime efforts. With its record of freezing illicit funds and commitment to transparency, Tether remains steadfast in combating financial crime.
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