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Tether criticizes The Wall Street Journal

The issuer of Tether (USDT) called the findings in an article in The Wall Street Journal (WSJ) “outdated statements” that are “inaccurate and misleading.”

March 3 edition published material alleging that in 2018 Tether and Bitfinex used front companies to provide access to the banking system.

The media, citing some emails, indicated that intermediaries in China behind the firms forged documents. At the same time, Tether and Bitfinex allegedly “used various means” to bypass restrictions on access to financial institutions.

“Bitfinex and Tether have world-class compliance programs and comply with applicable legal requirements for AML, KYC and CFT. […] These unfair attacks will not prevent us from continuing our efforts to offer the most liquid and reliable stablecoins that the market has clearly recognized, making us leaders in the industry,” the issuer said in a statement.

Paolo Ardoino, CTO of the company, called The Wall Street Journal article “a bunch of misinformation and inaccuracies.”

Earlier, Bloomberg reported that the US Department of Justice had resumed an investigation into possible bank fraud by Tether executives. The company criticized the publication.

Prior to this, the stablecoin issuer denied rumors about the dominance of Chinese commercial paper reserves.

In December 2022, Tether called a WSJ article on stablecoin “the hypocrisy of the media sleeping at the wheel of information.”

In February 2023, Tether Limited reported a net profit of $700 million in October-December.

Source: Cryptocurrency

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