Tether Responds to UN Money Laundering Allegations

Brushing off allegations from the UN implicating its USDT stablecoin in unlawful activities, Tether firmly denies any wrongdoing.

In response to the UN’s claims of money laundering and scams linked to USDT, Tether asserts the crime-fighting capabilities of blockchain technology.

Tether actively collaborates with law enforcement agencies, including the DOJ, FBI, and USSS, as evidence of its commitment to combat financial crimes. The company underscores blockchain’s capacity to streamline the tracking of illegal activities, making the argument that it simplifies rather than complicates the process.

Highlighting the transparency of its blockchain network, Tether emphasizes the close monitoring of transactions, a feature instrumental in halting illicit activities—a feat considerably challenging in traditional monetary systems. Tether cites an instance where they recently thwarted suspicious transactions amounting to over $300 million.

In a forward-thinking approach, Tether invites the UN to shift its perspective and acknowledge the positive aspects of blockchain in the fight against crime instead of adopting a critical stance.

The company expresses a willingness to collaborate in understanding and harnessing blockchain’s potential. Tether affirms a commitment to the responsible and transparent use of digital currencies.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.