Tether Refutes WSJ Report On Using Fake Documents To Gain Banking Access

The issuer of stablecoin responded on Saturday to the report of the Wall Street Journal on the use of false documents and fictitious corporations to access banks. The USDT issuer also considers the report to be an adverse element.

More Tether FUD from WSJ” on March 4 IST, Tether claims the allegations by the Wall Street Journal are “wholly inaccurate and misleading.” It also argues that both crypto exchange Bitfinex and stablecoin issuer Tether have compliance programs to adhere to Anti-Money Laundering, Know Your Customer (KYC), and Counter-Terrorist Financing legal requirements.

According to the blog, Bitfinex and Tether continue to assist global law enforcement, the United States Department of Justice and other law enforcement agencies in preventing money laundering, terrorism and other crimes.

Tether claims that it will continue to offer "the most liquid and reliable stablecoin experience" despite these distractions and smoking against usdt or its businesses. Tether reported a $700 million profit in Q4 2022 and at least $67 billion in consolidated total assets and excess reserves of at least $960 million.

In fact, Tether is still surrounded by controversy and many charges because of the extensive use of usdt stablecoin in the cryptography market. Banks also play an essential role in maintaining stable liquidity in the marketplace. At the same time, banks play a crucial role in maintaining liquidity stability in the marketplace.

WSJ Allegations on Tether

WSJ report alleges that Tether and related brokers leveraged falsified documents and shell companies to gain banking access in 2018.

The article quoted emails by Stephen Moore, co-owner of Tether Holdings, shows a China-based trader used false invoices and contacts to gain banking access.

At the time of writing, Tether (USDT) remains pegged to the US dollar at a $71 billion market cap. The quoted email article from Stephen Moore, co-owner of Tether Holdings, shows that a Chinese-based merchant used fake invoices and contacts to access banking services.

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