The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
USDT, recognized as a stablecoin pegged to the U.S. dollar, boasts a substantial $87.9 billion in circulation, positioning it as the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum, according to CoinGecko data.<\/p>\n","post_title":"Tether, Bitfinex Yield To New York Freedom Of Information Law Request","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-bitfinex-yield-to-new-york-freedom-of-information-law-request","to_ping":"","pinged":"","post_modified":"2023-11-26 04:16:27","post_modified_gmt":"2023-11-25 17:16:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The stablecoin issuer's history is marred with regulatory probes, including allegations by the Commodity Futures Trading Commission <\/a>regarding misleading statements about its dollar reserves backing stablecoin USDT. Furthermore, an investigation by the New York Attorney General accused Tether of concealing significant losses during a period when access to global banking was limited.<\/p>\n\n\n\n USDT, recognized as a stablecoin pegged to the U.S. dollar, boasts a substantial $87.9 billion in circulation, positioning it as the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum, according to CoinGecko data.<\/p>\n","post_title":"Tether, Bitfinex Yield To New York Freedom Of Information Law Request","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-bitfinex-yield-to-new-york-freedom-of-information-law-request","to_ping":"","pinged":"","post_modified":"2023-11-26 04:16:27","post_modified_gmt":"2023-11-25 17:16:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The stablecoin issuer's history is marred with regulatory probes, including allegations by the Commodity Futures Trading Commission <\/a>regarding misleading statements about its dollar reserves backing stablecoin USDT. Furthermore, an investigation by the New York Attorney General accused Tether of concealing significant losses during a period when access to global banking was limited.<\/p>\n\n\n\n USDT, recognized as a stablecoin pegged to the U.S. dollar, boasts a substantial $87.9 billion in circulation, positioning it as the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum, according to CoinGecko data.<\/p>\n","post_title":"Tether, Bitfinex Yield To New York Freedom Of Information Law Request","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-bitfinex-yield-to-new-york-freedom-of-information-law-request","to_ping":"","pinged":"","post_modified":"2023-11-26 04:16:27","post_modified_gmt":"2023-11-25 17:16:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Founded by Julio Herrera Velutini, Britannia Financial faced scrutiny when Herrera Velutini was charged by US authorities in 2022 over alleged bribery involving a Puerto Rican politician. Notably, Tether's association with Britannia Financial highlighted its risk exposure and choice of financial collaborators.<\/p>\n\n\n\n The stablecoin issuer's history is marred with regulatory probes, including allegations by the Commodity Futures Trading Commission <\/a>regarding misleading statements about its dollar reserves backing stablecoin USDT. Furthermore, an investigation by the New York Attorney General accused Tether of concealing significant losses during a period when access to global banking was limited.<\/p>\n\n\n\n USDT, recognized as a stablecoin pegged to the U.S. dollar, boasts a substantial $87.9 billion in circulation, positioning it as the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum, according to CoinGecko data.<\/p>\n","post_title":"Tether, Bitfinex Yield To New York Freedom Of Information Law Request","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-bitfinex-yield-to-new-york-freedom-of-information-law-request","to_ping":"","pinged":"","post_modified":"2023-11-26 04:16:27","post_modified_gmt":"2023-11-25 17:16:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Considering the Tether, BitFinex, and FOIL case, Tether recently deposited over $1 billion<\/a> with a financial services group linked to a Tory party donor, the Financial Times<\/em> reported. The deposit at the core of this disclosure has triggered a legal conflict between Britannia Financial and Arbitral International, a British Virgin Islands-based company. Tether initiated an account with a subsidiary of Britannia Financial in 2021, leading to the legal entanglement between the two entities.<\/p>\n\n\n\n Founded by Julio Herrera Velutini, Britannia Financial faced scrutiny when Herrera Velutini was charged by US authorities in 2022 over alleged bribery involving a Puerto Rican politician. Notably, Tether's association with Britannia Financial highlighted its risk exposure and choice of financial collaborators.<\/p>\n\n\n\n The stablecoin issuer's history is marred with regulatory probes, including allegations by the Commodity Futures Trading Commission <\/a>regarding misleading statements about its dollar reserves backing stablecoin USDT. Furthermore, an investigation by the New York Attorney General accused Tether of concealing significant losses during a period when access to global banking was limited.<\/p>\n\n\n\n USDT, recognized as a stablecoin pegged to the U.S. dollar, boasts a substantial $87.9 billion in circulation, positioning it as the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum, according to CoinGecko data.<\/p>\n","post_title":"Tether, Bitfinex Yield To New York Freedom Of Information Law Request","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-bitfinex-yield-to-new-york-freedom-of-information-law-request","to_ping":"","pinged":"","post_modified":"2023-11-26 04:16:27","post_modified_gmt":"2023-11-25 17:16:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Considering the Tether, BitFinex, and FOIL case, Tether recently deposited over $1 billion<\/a> with a financial services group linked to a Tory party donor, the Financial Times<\/em> reported. The deposit at the core of this disclosure has triggered a legal conflict between Britannia Financial and Arbitral International, a British Virgin Islands-based company. Tether initiated an account with a subsidiary of Britannia Financial in 2021, leading to the legal entanglement between the two entities.<\/p>\n\n\n\n Founded by Julio Herrera Velutini, Britannia Financial faced scrutiny when Herrera Velutini was charged by US authorities in 2022 over alleged bribery involving a Puerto Rican politician. Notably, Tether's association with Britannia Financial highlighted its risk exposure and choice of financial collaborators.<\/p>\n\n\n\n The stablecoin issuer's history is marred with regulatory probes, including allegations by the Commodity Futures Trading Commission <\/a>regarding misleading statements about its dollar reserves backing stablecoin USDT. Furthermore, an investigation by the New York Attorney General accused Tether of concealing significant losses during a period when access to global banking was limited.<\/p>\n\n\n\n USDT, recognized as a stablecoin pegged to the U.S. dollar, boasts a substantial $87.9 billion in circulation, positioning it as the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum, according to CoinGecko data.<\/p>\n","post_title":"Tether, Bitfinex Yield To New York Freedom Of Information Law Request","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-bitfinex-yield-to-new-york-freedom-of-information-law-request","to_ping":"","pinged":"","post_modified":"2023-11-26 04:16:27","post_modified_gmt":"2023-11-25 17:16:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n Considering the Tether, BitFinex, and FOIL case, Tether recently deposited over $1 billion<\/a> with a financial services group linked to a Tory party donor, the Financial Times<\/em> reported. The deposit at the core of this disclosure has triggered a legal conflict between Britannia Financial and Arbitral International, a British Virgin Islands-based company. Tether initiated an account with a subsidiary of Britannia Financial in 2021, leading to the legal entanglement between the two entities.<\/p>\n\n\n\n Founded by Julio Herrera Velutini, Britannia Financial faced scrutiny when Herrera Velutini was charged by US authorities in 2022 over alleged bribery involving a Puerto Rican politician. Notably, Tether's association with Britannia Financial highlighted its risk exposure and choice of financial collaborators.<\/p>\n\n\n\n The stablecoin issuer's history is marred with regulatory probes, including allegations by the Commodity Futures Trading Commission <\/a>regarding misleading statements about its dollar reserves backing stablecoin USDT. Furthermore, an investigation by the New York Attorney General accused Tether of concealing significant losses during a period when access to global banking was limited.<\/p>\n\n\n\n USDT, recognized as a stablecoin pegged to the U.S. dollar, boasts a substantial $87.9 billion in circulation, positioning it as the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum, according to CoinGecko data.<\/p>\n","post_title":"Tether, Bitfinex Yield To New York Freedom Of Information Law Request","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-bitfinex-yield-to-new-york-freedom-of-information-law-request","to_ping":"","pinged":"","post_modified":"2023-11-26 04:16:27","post_modified_gmt":"2023-11-25 17:16:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Zipmex's<\/a> solicitors initiated the bankruptcy protection filing on behalf of the company's distinct entities, spanning several jurisdictions, aiming to secure legal protection against actions by third parties and claims for up to six months. The five entities that sought protection include Zipmex Asia Pte. Ltd., Zipmex Pte. Ltd., Zipmex Company Ltd. (Thailand), PT Zipmex Exchange Indonesia, and Zipmex Australia Pty. Ltd.<\/p>\n","post_title":"Zipmex Halts All Trading Activities In Thailand","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zipmex-halts-all-trading-activities-in-thailand","to_ping":"","pinged":"","post_modified":"2023-11-27 05:49:47","post_modified_gmt":"2023-11-26 18:49:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14537","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14508,"post_author":"1","post_date":"2023-11-26 04:08:18","post_date_gmt":"2023-11-25 17:08:18","post_content":"\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Last year, Zipmex filed for an extension to its moratorium agreement in Singapore's bankruptcy court, according to a report by Coindesk<\/em>. This step was triggered by the crypto contagion arising from the collapse of the $60 billion Terra ecosystem. Loans extended to entities like Babel Finance and Celsius Network went unpaid amidst Terra's collapse, contributing to Zipmex's financial turmoil.<\/p>\n\n\n\n Zipmex's<\/a> solicitors initiated the bankruptcy protection filing on behalf of the company's distinct entities, spanning several jurisdictions, aiming to secure legal protection against actions by third parties and claims for up to six months. The five entities that sought protection include Zipmex Asia Pte. Ltd., Zipmex Pte. Ltd., Zipmex Company Ltd. (Thailand), PT Zipmex Exchange Indonesia, and Zipmex Australia Pty. Ltd.<\/p>\n","post_title":"Zipmex Halts All Trading Activities In Thailand","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zipmex-halts-all-trading-activities-in-thailand","to_ping":"","pinged":"","post_modified":"2023-11-27 05:49:47","post_modified_gmt":"2023-11-26 18:49:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14537","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14508,"post_author":"1","post_date":"2023-11-26 04:08:18","post_date_gmt":"2023-11-25 17:08:18","post_content":"\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Last year, Zipmex filed for an extension to its moratorium agreement in Singapore's bankruptcy court, according to a report by Coindesk<\/em>. This step was triggered by the crypto contagion arising from the collapse of the $60 billion Terra ecosystem. Loans extended to entities like Babel Finance and Celsius Network went unpaid amidst Terra's collapse, contributing to Zipmex's financial turmoil.<\/p>\n\n\n\n Zipmex's<\/a> solicitors initiated the bankruptcy protection filing on behalf of the company's distinct entities, spanning several jurisdictions, aiming to secure legal protection against actions by third parties and claims for up to six months. The five entities that sought protection include Zipmex Asia Pte. Ltd., Zipmex Pte. Ltd., Zipmex Company Ltd. (Thailand), PT Zipmex Exchange Indonesia, and Zipmex Australia Pty. Ltd.<\/p>\n","post_title":"Zipmex Halts All Trading Activities In Thailand","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zipmex-halts-all-trading-activities-in-thailand","to_ping":"","pinged":"","post_modified":"2023-11-27 05:49:47","post_modified_gmt":"2023-11-26 18:49:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14537","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14508,"post_author":"1","post_date":"2023-11-26 04:08:18","post_date_gmt":"2023-11-25 17:08:18","post_content":"\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n See Related:<\/em><\/strong> Thailand Tightens Crypto Rules In The Wake Of The FTX Collapse And Market Volatility<\/a><\/p>\n\n\n\n Last year, Zipmex filed for an extension to its moratorium agreement in Singapore's bankruptcy court, according to a report by Coindesk<\/em>. This step was triggered by the crypto contagion arising from the collapse of the $60 billion Terra ecosystem. Loans extended to entities like Babel Finance and Celsius Network went unpaid amidst Terra's collapse, contributing to Zipmex's financial turmoil.<\/p>\n\n\n\n Zipmex's<\/a> solicitors initiated the bankruptcy protection filing on behalf of the company's distinct entities, spanning several jurisdictions, aiming to secure legal protection against actions by third parties and claims for up to six months. The five entities that sought protection include Zipmex Asia Pte. Ltd., Zipmex Pte. Ltd., Zipmex Company Ltd. (Thailand), PT Zipmex Exchange Indonesia, and Zipmex Australia Pty. Ltd.<\/p>\n","post_title":"Zipmex Halts All Trading Activities In Thailand","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zipmex-halts-all-trading-activities-in-thailand","to_ping":"","pinged":"","post_modified":"2023-11-27 05:49:47","post_modified_gmt":"2023-11-26 18:49:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14537","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14508,"post_author":"1","post_date":"2023-11-26 04:08:18","post_date_gmt":"2023-11-25 17:08:18","post_content":"\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n Zipmex has been under the SEC's radar since September 2022, when the commission reported non-compliance issues related to local laws. Subsequent investigations escalated, with recent probes specifically focusing on allegations regarding digital asset fund management without authorization.<\/p>\n\n\n\n See Related:<\/em><\/strong> Thailand Tightens Crypto Rules In The Wake Of The FTX Collapse And Market Volatility<\/a><\/p>\n\n\n\n Last year, Zipmex filed for an extension to its moratorium agreement in Singapore's bankruptcy court, according to a report by Coindesk<\/em>. This step was triggered by the crypto contagion arising from the collapse of the $60 billion Terra ecosystem. Loans extended to entities like Babel Finance and Celsius Network went unpaid amidst Terra's collapse, contributing to Zipmex's financial turmoil.<\/p>\n\n\n\n Zipmex's<\/a> solicitors initiated the bankruptcy protection filing on behalf of the company's distinct entities, spanning several jurisdictions, aiming to secure legal protection against actions by third parties and claims for up to six months. The five entities that sought protection include Zipmex Asia Pte. Ltd., Zipmex Pte. Ltd., Zipmex Company Ltd. (Thailand), PT Zipmex Exchange Indonesia, and Zipmex Australia Pty. Ltd.<\/p>\n","post_title":"Zipmex Halts All Trading Activities In Thailand","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zipmex-halts-all-trading-activities-in-thailand","to_ping":"","pinged":"","post_modified":"2023-11-27 05:49:47","post_modified_gmt":"2023-11-26 18:49:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14537","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14508,"post_author":"1","post_date":"2023-11-26 04:08:18","post_date_gmt":"2023-11-25 17:08:18","post_content":"\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n After January 31, 2024, users seeking fund or asset withdrawals will need to directly engage with Zipmex's customer support, as withdrawals through their website and app will cease. The suspension adds to a series of challenges that Zipmex has recently encountered. In April, the exchange requested an extension on its debt in Singapore due to liquidity concerns and previous regulatory probes.<\/p>\n\n\n\n Zipmex has been under the SEC's radar since September 2022, when the commission reported non-compliance issues related to local laws. Subsequent investigations escalated, with recent probes specifically focusing on allegations regarding digital asset fund management without authorization.<\/p>\n\n\n\n See Related:<\/em><\/strong> Thailand Tightens Crypto Rules In The Wake Of The FTX Collapse And Market Volatility<\/a><\/p>\n\n\n\n Last year, Zipmex filed for an extension to its moratorium agreement in Singapore's bankruptcy court, according to a report by Coindesk<\/em>. This step was triggered by the crypto contagion arising from the collapse of the $60 billion Terra ecosystem. Loans extended to entities like Babel Finance and Celsius Network went unpaid amidst Terra's collapse, contributing to Zipmex's financial turmoil.<\/p>\n\n\n\n Zipmex's<\/a> solicitors initiated the bankruptcy protection filing on behalf of the company's distinct entities, spanning several jurisdictions, aiming to secure legal protection against actions by third parties and claims for up to six months. The five entities that sought protection include Zipmex Asia Pte. Ltd., Zipmex Pte. Ltd., Zipmex Company Ltd. (Thailand), PT Zipmex Exchange Indonesia, and Zipmex Australia Pty. Ltd.<\/p>\n","post_title":"Zipmex Halts All Trading Activities In Thailand","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zipmex-halts-all-trading-activities-in-thailand","to_ping":"","pinged":"","post_modified":"2023-11-27 05:49:47","post_modified_gmt":"2023-11-26 18:49:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14537","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14508,"post_author":"1","post_date":"2023-11-26 04:08:18","post_date_gmt":"2023-11-25 17:08:18","post_content":"\n Tether and Bitfinex have opted to cease their opposition to a New York Freedom of Information Law (FOIL) request led by a group of journalists, including Zeke Faux from Bloomberg Businessweek<\/em>.<\/p>\n\n\n\n Tether's history with FOIL includes a prior instance when it unsuccessfully attempted to block a request related to reserves backing its USDT stablecoin in 2021. This inquiry delved into allegations about the adequacy of reserves between mid-2019 and early 2021, ultimately leading to a settlement after the investigation.<\/p>\n\n\n\n In their recent statement, Tether and Bitfinex clarified the decision<\/a> not to contest the FOIL request by specific journalists, reiterating their openness to engaging constructively with journalists and regulatory authorities. <\/p>\n\n\n\n Highlighting Zeke Faux's prior work, the companies expressed unease about certain journalistic practices that allegedly deviate from professionalism. Additionally, they noted instances of biased and inaccurate reporting by media outlets whose journalists are part of this FOIL request.<\/p>\n\n\n\n
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