Tether Has Been Fined Millions of Dollars in New Fines!
The US Commodity and Futures Trading Commission (CFTC), one of the US financial regulators, has fined both the Bitfinex cryptocurrency exchange and Tether.
Tether has also previously been strong against U.S. regulators and prisoners, but has been spared with fines to small.
Although the current fine seems small compared to the market value of Tether, it comes to the fore that this fine is not expected.
The federal commodity regulation revealed that the USDT stablecoin has always hit the index at a rate of 100%, and the Bitfinex cryptocurrency exchange has also overturned an earlier decision.
By the CFTC, it was Fined $42.5 Million
In a press release issued by the CFTC, he stressed that Tether does not support USDT with a 100% guarantee as claimed.
The Bitfinex cryptocurrency exchange was also accused of opposition to the law, known as the CEA.
it is noted that in the period from 2016 to 2018, Tether's stablecoin, USDT, was supported by 100% for only one quarter.
At that time, the company's collateral did not consist of complex and illiquid assets, as it does now. In the press release, it was also emphasized that Tether does not have the security it claims to have.
The New York Attorney General's Office, which had previously attempted the case, had reached similar findings in its report and fined it.
Paolo Ardoino, CTO of Bitfinex, has not yet made a statement on social media.
The fact that the punishment has been reduced for the old periods and there are no sanctions at the moment shows that Tether is now acting more transparently.