Tether denies reports of Singapore's ban on redeeming stablecoin

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Tether denies reports of Singapore's ban on redeeming stablecoin

Tether, a firm behind the fiat-collateralized stablecoin of the same name, has responded to reports suggesting changes in its terms of service in Singapore. The company's chief technology officer has responded to the claim, which came from a tweet from the CEO of a decentralized finance protocol called Cake DeFi.

The email said that certain customer bases were banned from redeeming stablecoin due to changes in the company's terms of service.

t be able to tell you if redeeming $USDT into $USD is actually possible, due to being in Singapore, which was a recent change to the @Tel_to ToS from one day to another. The email said that cake DeFi fell under the category of 'controlled by another corporation in Singapore', which meant that it could no longer issue or redeem Tether through the platform.

It appears to have been based on a policy change that had been in effect since 2020, said Tether's CEO, Paolo Ardoino.

In a tweet, Ardoino denied the speculations surrounding the email screenshot circulating online and labeled it as FUD.

Tether said in a statement to International Business Times.

s worth noting that our terms and conditions related to Singapore entities have remained unchanged since May 2020.