Markets News Report
September 25, 2023

Tether’s CTO Clarifies USDT Redemption Policy for Singapore Customers Amid Allegations

Tether's CTO Clarifies USDT Redemption Policy for Singapore Customers Amid Allegations

Recently, rumors emerged that stablecoin issuer Tether has made significant changes to its terms of service (ToS) in Singapore, disallowing specific customer groups from redeeming Tether USDT for United States dollars. 

Cake DeFi CEO Julian Hosp shared an email, highlighting that Tether doesn’t permit customers in Singapore to redeem Tether USDT for United States dollars.

A notable restriction states, “Corporates controlled by another entity, directors, and shareholders residing in Singapore are no longer permitted to be Tether customers.” Cake DeFi, a decentralized finance protocol, found itself in a quandary, being informed that it falls under this category, rendering it ineligible for issuance or redemption through the platform.

The email indicated that “Tether had updated its terms of service to… impose stricter onboarding standards,” leading to the most confusion before Ardoino’s clarification.

However, Tether CTO Paolo Ardoino shared on X that Singapore has been Tether’s “Prohibited Jurisdiction” since at least May 2020, and there are no changes coming into place. 

Since 2020, Tether’s “Prohibited Jurisdictions” encompass Cuba, North Korea, Iran, Pakistan, Singapore, Syria, Venezuela and Crimea.

Potential Regulatory Shifts for Stablecoins on the Horizon

Nevertheless, stablecoin regulation could change in the near future. Over the next few months, we may see how stablecoin providers adjust their strategies to comply with the evolving regulatory environment.

The upcoming European Union Markets in Crypto Assets (MiCA) regulation, taking effect in June 2024, is causing concerns about the possible delisting of stablecoins in Europe, as noted by a Binance executive due to the absence of project approvals under MiCA.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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