- Tether CEO denies federal investigation claims, stressing strong cooperation with law enforcement.
- Ardoino asserts Tether’s compliance, countering claims of alleged ties to sanctioned entities.
- Tether’s expansion plans face scrutiny as transparency concerns persist amid regulatory pressure.
Tether’s CEO, Paolo Ardoino has responded to the recent claims stating that there is no US investigation against the company. He responded on social media platform X, calling the claims old noise and irresponsible.
Ardoino insisted that Tether cooperates fully with law enforcement. He stated that Tether actively assists authorities in identifying cybercriminals and fraudsters who attempt to misuse its USDT stablecoin.
According to Ardoino, no evidence supports these allegations of a federal probe. He emphasized that Tether regularly communicates with law enforcement and would be aware of any formal investigation.
Ardoino’s statements aimed to counter a Wall Street Journal report, which cited unnamed sources claiming Tether’s platform might have indirectly aided sanctioned entities.
These alleged connections included ties to Russian arms dealers and extremist organizations. Nevertheless, Ardoino rejected any participation, emphasizing Tether’s adherence to U.S. regulations.
Transparency Concerns Resurface Despite CEO’s Denial
Despite Ardoino’s firm response, concerns about Tether’s financial transparency persist. Critics have long been questioning if Tether has enough reserves to back USDT in a 1:1 ratio with the US dollar.
Furthermore, a recent report from Consumers’ Research indicated that Tether does not have a full audit, causing concerns regarding its financial security.
Ardoino rejected these claims, affirming Tether’s compliance and transparency practices. However, questions continue, especially regarding Tether’s operations in countries like Russia and Venezuela.
Tether’s Expansion Plans Face Regulatory Uncertainty
Meanwhile, Tether plans to expand, exploring new markets such as commodities. Recently, the company partnered with the Tron network to launch the T3 Financial Crime Unit. This unit aims to strengthen cybersecurity and address illicit financial activities.
However, the U.S. Treasury may consider sanctions if further evidence ties Tether to sanctioned groups. Such sanctions would impact Tether’s operations in the U.S. and possibly hinder its global influence.
The post Tether CEO Paolo Ardoino Denies Allegations of Sanction Evasion and Money Laundering Amid WSJ Report appeared first on Crypto News Land.
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