\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"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n
\nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

\nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

\nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Tether And Bitfinex Decision<\/h2>\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

\nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Tether And Bitfinex Decision<\/h2>\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

\nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

1 4 5 6 7 8 18

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Tether And Bitfinex Decision<\/h2>\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

\nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

Tether Recent Deposit<\/h2>\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

Stablecoin Issuer's History<\/h2>\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

Total Fine Imposed On Binance and CEO<\/h2>\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"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n
  • The company faces regulatory probes, including allegations by the CFTC about misleading statements regarding its reserves.<\/li>\n<\/ul>\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

    Tether And Bitfinex Decision<\/h2>\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

    \nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

    See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

    Tether Recent Deposit<\/h2>\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

    Stablecoin Issuer's History<\/h2>\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

    Total Fine Imposed On Binance and CEO<\/h2>\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"};

    1 4 5 6 7 8 18

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    ADVERTISEMENT
    \n
  • Previously, Tether attempted to block a similar request concerning reserves backing its USDT stablecoin.<\/li>\n\n\n\n
  • The company faces regulatory probes, including allegations by the CFTC about misleading statements regarding its reserves.<\/li>\n<\/ul>\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

    Tether And Bitfinex Decision<\/h2>\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

    \nhttps:\/\/twitter.com\/Tether_to\/status\/1728037232282337686?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\n<\/div><\/figure>\n\n\n\n

    See Related:<\/em><\/strong> Tether Ordered To Reveal USDT Exact Backings<\/a><\/p>\n\n\n\n

    Tether Recent Deposit<\/h2>\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

    Stablecoin Issuer's History<\/h2>\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

    Total Fine Imposed On Binance and CEO<\/h2>\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"};

    1 4 5 6 7 8 18

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    ADVERTISEMENT
    \n