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Stablecoin issuer Tether and its custodian Cantor Fitzgerald are fighting back against claims from the United Nations that Tether's USDT is one of the “most popular” vehicles for illicit financial activity.
Tether debunks allegations of playing a key role in an underground economy for fraudsters in Southeast Asia.
Howard Lutnick, CEO of Cantor Fitzgerald, said Tether has the funds it claims in its reserves. Cantor is a Tether custodian.
Stablecoin issuer Tether criticized the United Nations report, claiming that its USDT tokens are being used for illegal activities. In a Jan. 16 blog post, Tether said the monitoring its stablecoins attract from regulatory authority surpasses those of the traditional banking systems.
A United Nations report identified that USDT had emerged as a vehicle for money laundering and scams in Southeast Asia.
Amidst growing concerns surrounding the misuse of digital assets for illegal activities, a recent United Nations report sheds light on Tether's alleged role as a prominent tool in money laundering and fraud in Southeast Asia.
Tether, a prominent stablecoin firm, has responded to claims made by the United Nations regarding the use of its USDT stablecoin in illegal operations. On Jan.
The stablecoin tether has emerged as one of the preferred payment methods for money launderers and fraudsters operating out of Southeast Asia, the findings of a new United Nations study have shown. According to Jeremy Douglas, criminals are choosing to use tether because they know that “cryptocurrency regulations are way behind [the illicit activity].
Tether, the issuer of the largest stablecoin by market cap, has challenged the United Nations (UN) for its report on underground banking and money laundering infrastructure in East and Southeast Asia.
In a recent turn of events, Tether, the renowned stablecoin issuer, has publicly disputed allegations made by the United Nations (UN) regarding the misuse of its stablecoin, USDT. The UN's report had implicated that the stablecoin is increasingly being used for illicit activities. Tether Challenges UN Report and Calls for Blockchain Education Read more ⬇️https://t.
Tether, the prominent cryptocurrency platform, has publicly refuted recent allegations by the United Nations (UN) concerning the misuse of its stablecoin, USDT. The UN's report had implicated USDT in a range of illicit activities, notably money laundering and the “pig butchering” scams prevalent in Southeast Asia.
Tether, the issuer of the ubiquitous USDT stablecoin, cemented its dominance in 2023, ballooning its market share to a staggering 71%. This explosive growth, however, comes with a chilling undercurrent: a United Nations report linking USDT to a surge in cybercrime and money laundering in Southeast Asia.
The UN “completely neglects” developing economies using stablecoins like USDT because servicing them would be “unprofitable” for the agency, Tether argued.
In Southeast Asia, Tether, a major cryptocurrency platform, has become a hotspot for illicit activities, according to a recent UN report.
In a bold response to recent UN allegations, Tether, a leading cryptocurrency platform, has vehemently challenged the characterization of its stablecoin, USDT, as a preferred tool for criminals. The UN's recent report implicated Tether's USDT in various illegal activities, including a surge in money laundering and the exploitation tactic known as “pig butchering” in Southeast
Tether's financial success goes beyond stablecoins, with a $3B Bitcoin investment portfolio as of Jan 4, 2024, proving substantial profit.
A recent United Nations report has shed light on the involvement of Tether's USDT stablecoin in money laundering and scams, particularly in Southeast Asia.
The United Nations Office on Drugs and Crime published a report highlighting the role of casinos, junkets, and crypto in money laundering
According to a report by the Financial Times, the United Nations (UN) Office on Drugs and Crime has identified Tether, one of the world's largest cryptocurrency platforms, as an increasingly popular tool for money launderers and fraudsters operating in Southeast Asia, adding to increased regulatory scrutiny of the stablecoin issuer.
A UN report reveals USDT's growing role in money laundering and underground banking in Southeast Asia
In a recent report published on Monday by the United Nations, a disturbing revelation has emerged regarding the use of Tether's USDT stablecoin as a prominent method of payment for money laundering and fraudulent activities in Southeast Asia. The Financial Times highlighted the United Nations' findings, shedding light on the growing abuse of USDT.
In 2023, Tether's (USDT) stablecoin market share increased from 50% to 71%. According to Glassnode, since the beginning of 2023, the supply of USDT stablecoin has increased by $28.7 billion.
Despite the increasing involvement of the USDT stablecoin in criminal activities, the UN has reported that law enforcement authorities have successfully dismantled various money laundering organizations responsible for transferring illegal funds using USDT.
Tether, one of the world's most traded cryptocurrencies, has become a key tool for criminals, money launderers and scammers, according to a United Nations report published Monday, amid intensifying legal and regulatory scrutiny over how digital assets are being used to aid illicit activity.
