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Blockworks
Blockworks
OFAC sanctions 10 wallets linked to LockBit takedown
5 days ago
MarsNext
MarsNext
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👉👉👉 #tether CEO implies Circle director misled Congress in 'desperation' attack on #USDT #stablecoin issuer Tether has emphasized its proactive measures in preventing the misuse of stablecoin technology by collaborating closely with global law enforcement agencies, according to a statement provided to CryptoSlate on Feb. 16. The statement comes in response to comments made by Caroline Hill, Senior Director of Global Policy and Regulatory Strategy at Circle, during a House Financial Services Committee hearing titled ‘Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.’ Hill urged authorities to scrutinize Tether's alleged involvement in terror financing. Responding to inquiries regarding Tether during the hearing, Hill appeared to directly address the stablecoin competitor, highlighting concerns over its role. In reaction, Tether's representatives reiterated their commitment to combating illicit crypto activities, emphasizing their extensive efforts in this regard. #JPMorgan analysts have suggested that American regulatory bodies, notably the Office of Foreign Assets Control (OFAC), wield significant influence over Tether's offshore utilization. They pointed to OFAC's sanction on Tornado Cash, a crypto-mixer on the Ethereum blockchain, as evidence of regulatory control. Tether, in compliance with OFAC sanctions, has frozen assets associated with sanctioned wallets. Tether asserts compliance with Treasury OFAC sanctions and cooperation with law enforcement. Analysts foresee upcoming stablecoin regulations potentially eroding Tether's appeal due to transparency and compliance concerns with KYC/AML standards. DeFi platforms, relying on USDT as collateral and liquidity, may also face scrutiny. Analysts question Tether's transparency, citing concerns over its ability to maintain its dollar peg. Tether's dominance in the crypto sector has faced criticism from Wall Street, prompting strong rebuttals from Tether's representatives over perceived double standards in the banking sector. Source - cryptoslate.com #CryptoNews

7 days ago
MarsNext
MarsNext
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👉👉👉 #JPMorgan Issues a Statement on Tether ( #USDT ), Again Infuriating the #cryptocurrency World According to JPMorgan, the US Office of Foreign Assets Control (OFAC), a regulatory body under the US Treasury Department, could potentially exert influence over Tether (USDT) despite it not being a US-based entity. In a recent report, JPMorgan analysts, led by Nikolaos Panigirtzoglou, suggested that US regulators might have some oversight over Tether's offshore activities through OFAC. They cited Tether's association with Tornado Cash, an Ethereum network privacy tool, as an instance where such control could be exercised. In response, Tether CEO Paolo Ardoino dismissed JPMorgan's concerns as driven by envy over the growth of financial and payment services. Ardoino implied that JPMorgan's critique reflected their neglect of these sectors over the years, now regretting the attention they're receiving. Earlier, Ardoino had criticized JPMorgan, labeling them as hypocritical for their negative stance on Tether despite the increasing concentration of Tether held by JPMorgan affecting cryptocurrency markets. Source - en.bitcoinsistemi.com #CryptoNews #BinanceSquare

9 days ago
Kri
Kri
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Representatives of Coinbase and Circle spoke at a United States Congressional hearing on February 15 and referenced concerns on Tether. First, Caroline Hill, Circle’s Senior Director of Global Policy and Regulatory Strategy, directly cited Tether, mentioning terrorism financing activities. Notably, Carolie Hill formerly worked for the U.S. Treasury Department as a Director of Terrorist Financing and Financial Crimes (TFFC) before joining Circle. In a video posted by Pledditor on X, Hill asks the Treasury Department to “use its authority” against companies with “U.S. touch points.” “I personally believe no company should be allowed to reference the U.S. Dollar without having those democratic values inside the company and inside their U.S. Dollar backed stablecoin. (…) I hope they [Treasury] are looking at this seriously given Tether’s reputation as well as the data we have seen that they are contributing to terrorist financing and other activities.”– Caroline Hill Coinbase accuses offshore entities of playing ‘jurisdictional wack-a-mole’ Moreover, Grant Rabenn, Coinbase’s Director of Financial Crimes Legal, celebrated the exchange’s compliance with OFAC due to “proactive investigations.” Rabenn then mentioned how Coinbase’s competitors are a safe haven for “criminals who seek offshore platforms.” “Those offshore entities often play jurisdictional wack-a-mole, attempting to avoid though anti-money laundering rules and expecting their regulators won’t care.”– Grant Rabenn Interestingly, Coinbase is a shareholder of Circle and an active partner in USDC management. This stablecoin is the second-largest in the cryptocurrency market and a direct competitor to Tether’s USDT. In this context, Rho Rider commented on X that this might be the first time these companies directly named Tether publicly. Tether responds to Circle’s and Coinbase’s accusations Following the Congressional hearing, CoinMarketCal reported a provocative comment from Paolo Ardoino, Tether’s CEO, on February 16. “Misleading Congress is a shocking act of desperation, and those who do so should be ashamed of themselves. Spouting lies and running in Circles never gets you anywhere.”– Paolo Ardoino According to CoinMarketCal: “Ardoino continued that his company has done more than anyone else to combat illicit crypto activities and remains fully committed to continuing the fight.” With these last events, the market awaits further rivalry between the leading stablecoins issuers and their partner exchanges. Now, possibly with a might ally on Circle’s and Coinbase’s side – the U.S. Treasury Department. #Write2Earn

8 days ago
小烏鴉Max
小烏鴉Max
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[JP Morgan issued a statement on Tether (USDT), once again angering the cryptocurrency world] JPMorgan Chase recently stated that even if Tether (USDT) is not a domestic company in the United States, the Office of Foreign Assets Control (OFAC) under the U.S. Department of the Treasury may still exert influence on it. The bank’s team of analysts, led by Nikolaos Panigirtzoglou, noted in a report on Thursday that U.S. regulators may use OFAC to regulate Tether’s overseas activities and use privacy concerns in the Tether and Ethereum networks. The relevance of the enhancement tool Tornado Cash serves as an example. In response, Paolo Ardoino, CEO of Tether, countered that JPMorgan Chase’s concerns stem from jealousy of the development of financial and payment services. Ardoino said: "JPMorgan's concerns seem to stem from their jealousy of the development of financial and payment services that they have ignored over the past decade and are now receiving widespread attention." He went on to quip that JPMorgan should pay more attention to the $3.9 billion in fines they have accumulated. In addition, Ardoino previously criticized JPMorgan Chase for its negative impact on the crypto market, calling it a "hypocrite" in reference to the increase in the amount of Tether held by JPMorgan Chase. #鴉快訊 #内容挖矿 @Tether_To

10 days ago

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