Tether Onboards US Secret Service and FBI Into its USDT Stablecoin Platform
In Brief
Tether has integrated the US Secret Service and FBI into its stablecoin platform and froze wallets on the US OFAC sanctions list.
The company behind the USDT stablecoin — Tether announced the integration of the United States Secret Service and Federal Bureau of Investigation (FBI) into its platform.
Tether’s chief executive officer Paolo Ardoino, who recently took over the reins of the company, highlighted Tether’s decision to disable USDT tokens in all wallets on the Office of Foreign Assets and Controls (OFAC) sanction list.
In a letter submitted to the US Senate and House of Representatives, Ardoino stated that Tether assisted the Department of Justice, the US Secret Service and the FBI in freezing 326 wallets, controlling USDT worth $435 million thus far, emphasizing the commitment to security and close working relationships with law enforcement.
Tether Strengthens Ties with Law Enforcement
Earlier this month, Tether announced the initiation of a voluntary wallet-freezing policy, introducing secondary market controls to halt activity linked with sanctioned individuals listed on the United States Office of Foreign Assets Control Specially Designated Nationals List.
The policy asserts to be a proactive initiative aimed at fostering closer collaboration with global regulators and law enforcement agencies.
In 2022, Tether had refused to proactively freeze wallets associated with irregular activities. However, the increased regulatory scrutiny and enforcement actions against cryptocurrency firms in the US and worldwide prompted the company to reconsider its approach.
In response to heightened regulatory attention, Tether revealed its commitment to security by integrating law enforcement agencies into the platform, actively engaging in cooperation with authorities.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
