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Tether Refutes UN Allegations On USDT Being Criminals’ Favorite

Tether refutes UN allegations, asserting USDT's role in combating financial crimes and advocating for blockchain education and collaboration.
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Tether Refutes UN Allegations On USDT Being Criminals’ Favorite

In a bold response to recent UN allegations, Tether, a leading cryptocurrency platform, has vehemently challenged the characterization of its stablecoin, USDT, as a preferred tool for criminals. The UN’s recent report implicated Tether’s USDT in various illegal activities, including a surge in money laundering and the exploitation tactic known as “pig butchering” in Southeast Asia.

Meanwhile, the swift response from the Tether team has gained traction as it emphasizes its collaboration with global law enforcement, including the DOJ, FBI, and USSS. In addition, the company asserts that the report overlooks the crucial role of blockchain technology in detecting and preventing illicit activities.

According to the statement, Tether, as a stablecoin issuer, enables law enforcement to freeze illegal transactions, a capability absent in traditional assets. The public ledger’s transparency facilitates meticulous transaction tracking, offering a powerful tool in the fight against cryptocurrency-related crimes, the company said.

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Tether Challenges UN’s Assessment of USDT

Tether, in a press release on January 16, refuted the UN’s findings, emphasizing its commitment to combating illicit activities through robust collaboration with global law enforcement agencies. In addition, the company contends that its transparent blockchain technology allows unparalleled monitoring, surpassing traditional banking systems in being one of the crucial anti-money laundering (AML) practices.

The statement reads, “The UN’s analysis ignores the traceability of Tether tokens and the proven record Tether has of collaborating with law enforcement.” Notably, the company highlights freezing over US$300 million in recent months, showcasing its dedication to combating criminal use in the cryptocurrency sphere.

Also Read: Here’s Why the Bitcoin (BTC) Bull Trend Will Be On Halt Until Halving

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Advocating Blockchain Education & Global Collaboration

Addressing the need for a comprehensive approach and crypto regulations, Tether urges the UN to consider the positive impact of centralized stablecoins in anti-financial crime efforts. In addition, the company proposes collaboration on modern strategies to fight financial crime, extending an invitation for dialogue to enhance mutual understanding.

Meanwhile, Tether urges the UN to broaden its comprehension of blockchain’s potential in fighting financial crime. Emphasizing the need for proactive learning and industry collaboration, Tether advocates for a more informed environment to harness the substantial improvements offered by blockchain technology.

Notably, Tether remains steadfast in promoting transparency and accountability in digital currencies, inviting the UN to engage in a collaborative dialogue to address concerns and foster a collective effort in tackling financial crimes in the digital era. In other words, Tether underscores its commitment to working with authorities to combat misuse, urging recognition of blockchain’s positive impact on enhancing financial transparency and security.

Also Read: Crypto Exchange HashKey Secures Fresh Funding At $1 Billion Valuation

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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