Bitfinex CEO: Tether “USDT” is registered and regulated
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Answer Bitfinex CEO: Tether “USDT” is registered and regulated
There are many long-standing beliefs and doubts about the digital stablecoin Tether “USDT” that is viewed as unregistered, regulated, or defective.
Recently, Paolo Arduino, CTO of Bitfinex and Tether, explained on Twitter that Tether USDT is registered with FinCEN, the body that specializes in tracking US financial crimes.
Arduino added that Tether is highly regulated.
Mr. Arduino noted that Tether competitors are using the narrative that Tether is unregulated to win over users.
Below Tweet Mr. Arduino, who explains that Tether is actually regulated.
A few people in the industry have told me that some Tweet embed Competitors spin around and say they are better because they are organized. It’s sad how many lies people tend to spread as a last resort to save their business. (Btw Tether is registered with FinCEN and regulated)
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– Paoloardoino October 24, 2020
Why Do Tether (USDT) remain in doubt?
The belief that Tether (USDT) is unregulated comes after years of mishaps surrounding the coin which came as follows:
- Initially there was years of speculation that Tether balances were not backed by the fiat currency at a one-to-one ratio.
- Secondly, back in 2018, there was fake news that Binance had deleted USDT as a result of finding out that the coin was a scam.
- Third, and also in 2018, there was a report that made it clear that Tether was used to manipulate Bitcoin.
- Fourth, Bitfinex is currently under investigation by the New York Attorney General’s Office.
Years of rumors and speculation surrounding Tether have prompted many cryptocurrency traders to avoid the USDT digital currency.
Earlier this year, the Weiss team advised cryptocurrency traders to avoid tether altogether.
The same team recommended the use of USDC and DAI as alternatives to tether.
Tether market capitalization exceeds $16 billion:
Despite all the fabricated reports and allegations that are not based on evidence and proof, Tether continues to grow, reaching a total market value of $ 16.2 billion, becoming the third largest after Bitcoin and Ethereum.
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In conclusion and summarizing the above, the technical director of Bitfinex and Tether has put an end to speculation that Tether is not regulated.
Arduino clearly states that Tether is registered by FinCEN and fully regulated.
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In addition, the market capitalization of Tether has reached a new milestone of $16.2 billion, and now it has its eyes on second place and aims to displace Ethereum to become directly behind Bitcoin.
In the Arab Bitcoin group for buying and selling digital currencies, Tether USDT is also the most requested currency. You can place orders to buy or sell the currency via Link.
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