Table of Contents
Tether Has Been Fined Millions of Dollars in New Fines!
Tether faces millions in fines from CFTC for false claims, Bitfinex penalized for opposing laws. Tether faces penalties from CFTC for false claims regarding USDT stablecoin and Bitfinex for opposing laws.
The US Commodity and Futures Trading Commission (CFTC) has fined both the Bitfinex cryptocurrency exchange and Tether, one of the US financial regulators. The fine imposed on Tether is reportedly in the millions of dollars.
Previous Fines on Tether
Tether has previously been subject to scrutiny from US regulators, but previous fines have been relatively small.
New Fine by CFTC
However, the current fine imposed by the CFTC appears to be larger and was unexpected. In a press release, the CFTC stated that Tether had not fully supported its USDT stablecoin at a rate of 100%, as claimed. Additionally, the Bitfinex exchange was also accused of violating the Commodity Exchange Act (CEA).
Previous Findings by the New York Attorney General's Office
It is worth noting that the New York Attorney General's Office had previously investigated Tether and reached similar findings in its report. The office had also imposed a fine.
Despite the fines, it seems that Tether is now acting more transparently, as evidenced by the reduced penalties for past violations and the lack of recent sanctions.
No statement from CTO of Bitfinex
As of now, Paolo Ardoino, CTO of Bitfinex, has not yet made a statement regarding the fines on social media.