March 29, 2024

Tether will pay $ 18.5 million in fine to the US attorney's office

Tether will pay $ 18.5 million in fine to the US attorney's office

The regulator also banned Tether from serving clients from New York.

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.

$18.5 million – a rather modest amount when compared to the total USDT issue of 35 billion. A Tether representative stated:

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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Based on materialscointelegraph.com