Tether CEO Confirms Alliance With U.S. to Combat Crypto Crime

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Paolo Ardoino, the newly appointed CEO of stablecoin issuer Tether announced that his firm is working closely with United States authorities. Per his statement, Tether has onboarded the Secret Service to its platform and is currently working on doing the same for the Federal Bureau of Investigation (FBI).

To confirm this move, the company shared the letters sent to the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee, detailing its “commitment to security and close working relationships with law enforcement.”

Tether Shows Support to U.S. Authorities 

Tether has been doing so much work in support of the United States authorities. Since the U.S. Office of Foreign Assets Control (OFAC) released its Specially Designated Nationals (SDN) list, the crypto company has frozen some accounts found to be associated with this list. Similarly, it is working with the Department of Justice (DOJ) to mitigate the operations of bad actors and help victims recover their assets.

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Tether Introduces Wallet-freezing Policy 

In one of these recent letters which were addressed to Senator Cynthia Lummis and Congressman J. French Hill, Ardoino highlighted Tether’s decision to deactivate USDT tokens in OFAC SDN-linked wallets. Consequently, the stablecoin issuer implemented a wallet-freezing policy on December 1st to combat the activities of such sanctioned wallets.

This was after an initial letter was sent to these same politicians almost a month ago. Both letters were sent in response to some concerns related to the use of stablecoins for the conduct of illicit activities like money laundering and terrorist financing.

Tether Freeze 326 Wallets on OFAC SDN List

A week ago, 41 wallets suspected to be associated with this list were frozen by Tether. It is worth noting most of these frozen accounts had made no attempt to perform any illegal transaction but Tether took the action as a precautionary measure. This brings the total number of wallets that Tether froze for the U.S. authorities to 326, containing a total of $435 million worth of Tether (USDT).

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By this action, Ardoino is promoting the fact that his company plans to become a “world-class partner” to the U.S. to “expand dollar hegemony globally.”

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