Tether executives are reportedly facing a probe from the US Department of Justice (DOJ), as prosecutors are looking into the company’s past activities with its banking partners.
- According to Bloomberg on Monday (July 26, 2021), the information came from three anonymous sources familiar with the matter. The DOJ is investigating whether banks were aware of the crypto-based transactions carried out by Tether.
- USDT is the largest stablecoin by market capitalization. The total number of tokens in circulation is worth over $68 billion.
- This fact alone carries worrying notes for the cryptocurrency market if the investigation goes through.
- Meanwhile, Tether has been in the crosshairs of US regulators for years. After a long legal tussle between the company and the office of the New York Attorney General (NYAG) since April 2019, Tether and cryptocurrency exchange Bitfinex reached a settlement deal with the NYAG.
- As part of the deal, both companies paid $18.5 million in penalties and also agreed to stop servicing New York customers.
- Prior to the settlement, Tether announced that it paid off its remaining loan of $550 million to Bitfinex back in February.
- Meanwhile, an audit report by insurance company Moore Cayman confirmed that Tether tokens are fully backed.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
- &
- 2019
- activities
- AI
- allegedly
- announced
- April
- audit
- Bank
- Banking
- Banks
- Billion
- Bitfinex
- Bloomberg
- border
- BTC
- capitalization
- code
- Companies
- company
- content
- cryptocurrency
- Cryptocurrency Exchange
- cryptocurrency market
- Customers
- deal
- department of justice
- DoJ
- exchange
- executives
- facing
- Fees
- fraud
- Free
- Futures
- General
- HTTPS
- information
- insurance
- investigation
- IT
- July
- Justice
- Legal
- Limited
- Long
- Market
- Market Capitalization
- million
- Monday
- New York
- offer
- probe
- Reading
- Regulators
- report
- settlement
- Share
- Sponsored
- stablecoin
- Tether
- Tokens
- Trading
- Transactions
- us
- USDT
- worth
- years
More from CryptoPotato
Ethereum Price Analysis: ETH Facing Critical Support Ahead of the New Week
Source Node: 1202140
Time Stamp: Mar 6, 2022
Arizona State Senator Proposes a Bill to Make Bitcoin Legal Tender
Source Node: 1161293
Time Stamp: Jan 30, 2022
Ripple Price Analysis: XRP Approaches Critical $0.7 Support as Bulls Remain Indecisive
Source Node: 1148161
Time Stamp: Jan 20, 2022
Russian Ruble Crashes Against Bitcoin Following SWIFT Cutoff
Source Node: 1192200
Time Stamp: Feb 28, 2022
Presidential Candidate Robert F. Kennedy Pledges ‘Inviolable Right’ to Hold and Use Bitcoin
Source Node: 2102467
Time Stamp: May 21, 2023
TSLA Stocks Unfazed as Twitter Poll Tells Elon Musk to Sell 10% of His Shares
Source Node: 1106818
Time Stamp: Nov 8, 2021
Justin Sun Wins The Bid For NFT Glee’s Golden Whale Pass : The Highest Priced Bitcoin NFT To Date
Source Node: 904851
Time Stamp: Jun 5, 2021
Jim Cramer’s Latest Change of Heart, Says He is Not Against Crypto
Source Node: 2146374
Time Stamp: Jun 24, 2023
Another Major Korean Bank to Provide Crypto Custody Services
Source Node: 974379
Time Stamp: Jul 12, 2021
Central Bank of Tanzania Should Strive for Crypto Adoption, Says the Country’s President
Source Node: 919555
Time Stamp: Jun 14, 2021
Firo’s Elysium Privacy Infrastructure for the Cryptocurrency Ecosystem
Source Node: 1152189
Time Stamp: Jan 23, 2022