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Cryptocurrency News Articles
Tether Marks 10th Anniversary by Unveiling Surveillance Task Force to Combat Illicit Finance
Oct 10, 2024 at 12:00 am
On Sunday, Tether, the issuing company behind the largest and most widely used stablecoin on the market USDT, marked a significant turning point by celebrating its 10th anniversary.
Tether (USDT) is celebrating its 10th anniversary with plans to enhance its brand and combat illicit activities.
In an interview with FOX Business, Tether CEO Paolo Ardoino highlighted the company's strategies for the coming months, including partnerships with US law enforcement agencies.
Highlighting Tether's collaboration with over 180 law enforcement agencies, Ardoino mentioned the freezing of illicit funds by the Department of Justice (DOJ) with Tether's assistance.
Recently, Tether joined forces with Tron, TRM Labs, and other crypto firms to establish a surveillance task force against financial crime linked to USDT.
With an estimated 350 million users worldwide, many in developing countries, Ardoino emphasized the role of USDT as a hedge against weak monetary systems and unstable currencies.
However, Tether has faced persistent allegations and criticisms by regulators regarding its involvement in illicit finance, including money laundering and ransomware payments.
Nonprofit organizations like Consumers Research have launched campaigns against Tether, accusing the company of enabling crime and terrorism by facilitating transactions for sanctioned countries.
Responding to these criticisms, Ardoino acknowledged that Tether has been "naïve in the past" and failed to respond adequately to concerns, as the company did not establish a public relations team until 2022.
Despite the challenges posed by anti-crypto lawmakers and the involvement of crypto firms based outside the US, Ardoino expressed hope for shifting regulatory attitudes following the upcoming US election.
Highlighting the significance of digital assets, Ardoino lamented the US losing its leadership role in new technologies for the first time in history.
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