The Tether crypto firm, in the wake of a damning UN report accusing it of facilitating illegal activities in Southeast Asia through its USDT stablecoin, expressed disappointment at what they feel is an unfair targeting of the instrument.
It argues that the global financial community has continually overlooked and undervalued its contribution to developing economies of emerging markets. According to Tether, its commitment to serving the oft-dismissed communities of traditional financial institutions has made it a target of scrutiny.
The crypto firm contends that major players in the financial world deem providing services to such communities unprofitable. Tether also challenges the UN analysis, pointing at the traceability of USDT tokens and the company’s proven collaboration with law enforcement. It claims that $300 million was frozen over the past months, thus illustrating the will to fight the illicit use of cryptocurrencies.
Tether has implemented security measures, including working with Chainalysis to develop a tool that monitors the secondary markets. It shows that Tether is working around the clock to protect the community. Besides, the company purports to liaise with international bodies in law enforcement, such as the Department of Justice [DOJ], the Federal Bureau of Investigation [FBI], and the United States Secret Service [USSS].
They all affirm cases of tight monitoring of USDT and every transaction undertaken. The stablecoin issuer argues that their efforts surpass traditional banking systems. Over the years, these systems served as conduits for money laundering, leading to substantial fines.
Tether Extends an Open Invitation
The UN accused Tether of enabling crime. A day prior, the cryptocurrency firm criticized the UN for lacking an understanding of blockchain. The criticism was directed at the UN’s perceived lack of basic knowledge of blockchain technology. The crypto firm urged a more proactive learning approach. Additionally, it offered support to help the UN deeply understand the changing digital currency landscape.
“There are also many more chances to stop financial crimes on blockchains. It assumes the UN is working with the industry to understand and execute modern strategies to fight against financial crime. We would be glad to collaborate on such matters.
Furthermore, Tether has welcomed the UN in the spirit of opening dialogue and cooperation. The company has worked with various law enforcement agencies across the globe. The firm remains steadfast in its dedication to levels of transparency in the digital currency domain.
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