Tether's Novel Banking Partner Already Nether Burn Downward - Defendant Of Accepting Illegally Laundered Funds...

Tether simply can't grab a break.  Nov was 1 hell of a calendar month for the stablecoin from the creators of the Bitfinex exchange, that had them facing a novel moving ridge of accusations, snapping dorsum at their critics, in addition to hence nosotros broke the flush that the transcend exchange Binance was actively seeking novel Tether alternatives to add together to their exchange.

Trying to calm the waters they announced novel banking partner Deltec Bank & Trust, to human activity every bit an independent holder of the USD funds backing their cryptocurrency, which claims to bring $1 inward the banking concern for every 1 Tether token issued.

But today, tidings coming out of Brazil via the pop "O Globo" paper reports that banking concern is nether investigation from Brazilian authorities.

The accusation even hence doesn't remove Tether, but rather a Brazilian official who is defendant of transferring $25 1000000 inward laundered funds offshore, to roughly other banking concern based inward Panama, hence having it  re-enter Brazil through Deltec Bank & Trust - a transaction that roughly say should bring been forthwith flagged.

But here's what all this does telephone phone inward to question:  Tether's statements before this week, stating the high standards the banking concern has, in addition to how taking Tether on every bit a customer should travel seen every bit a sign that their performance is on the up-and-up.  As Tether said inward that statement:

“This included, notably, an analysis of our compliance processes, policies in addition to procedures; a total background banking concern stand upwards for of the shareholders, ultimate beneficiaries in addition to officers of our company; in addition to assessments of our mightiness to keep the USD-peg at whatsoever minute in addition to our treasury management policies.”

Following this news, Deltec Bank & Trust's endorsement doesn't hateful much - in addition to the rumors of Tether non having the funds to dorsum upwards the $1.7 Billion worth of tokens inward circulation continues.

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk