In the US, Bitfinex and Tether were fined $ 42.5 million

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The US Commodity Futures Trading Commission (CFTC) has settled claims against Tether and Bitfinex, ordering the companies to pay civil fines totaling $ 42.5 million, the regulator’s website says.

According to the order, Tether was fined $ 41 million for “false or misleading statements” about fully securing the USDT stablecoin. The company is also required to refrain from further violations of the Commodity Exchange Act and CFTC rules.

The fine for Bitfinex for providing futures contracts on the platform without registration and concluding OTC transactions with US residents amounted to $ 1.5 million. The CFTC required the firm to implement additional solutions to prevent illegal transactions.

“As shown by today’s action against Tether and Bitfinex, the CFTC is committed to fulfilling its statutory obligations to promote market integrity and protect customers in the US,” Acting said. Vincent McGonagle, the director of enforcement of the regulator.

Earlier, the parent company of the bitcoin exchange and the issuer of stablecoins – iFinex – appealed to the New York Supreme Court to prohibit the media and other organizations from requesting data on the state and structure of USDT reserves over the past few years.

In February 2021, the companies entered into an agreement with the New York State Attorney’s Office in the case of the company’s financial transactions related to the loss of $ 850 million.

This was facilitated by the repayment by Bitfinex of a loan taken from Tether in the amount of $ 750 million, which caused claims from the supervisory authority.

In August, Bloomberg announced a possible check on Tether by the US Department of Justice. Company representatives called the news a clickbait.

In late September, the court dismissed half of the $ 1.4 trillion class action claims against Tether and Bitfinex.

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