The regulator also banned Tether from serving New York customers.
Bitfinex and Tether agreed to pay $ 18.5 million to the state of New York as part of the settlement of a legal scandal that began in 2019. New York users will no longer be able to use their services.
In addition, companies are now required to submit quarterly reports on the amount of funds in reserves and on transactions between Bitfinex and Tether.
The $ 18.5 million is a fairly modest amount when compared to the USDT total supply of 35 billion. A Tether spokesman said:
We are pleased that we were able to reach a settlementclaim. We will pay this amount to the office of the New York attorney general, leave it all behind, and focus on work. We are grateful to our clients who continued to use our services during the two years of investigation.
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According to the materials cointelegraph.com