Tether is paying $41 million to settle a U.S. regulator s allegations that it lies in claiming each of its stablecoins was backed by fiat currencies.
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None What the Front Line of U.S. From at least June 2016 until February 2019, Tether misrepresented to customers and the crypto market that it maintained sufficient reserves to back every token, the Commodity Futures Trading Commission said in a Friday statement. Since its 2014 launch, Tether had claimed that its coins were backed by fiat currencies and 100 percent backed with corresponding assets, the CFTC said.
This case highlights the expectation of integrity and transparency in the rapidly evolving digital asset marketplace, said acting CFTC Chairman Rostin Behnam.
Tether also falsified to disclose that it held unsecured receivables and non-fiat assets as part of its reserves and falsely told investors it would undergo routine audits to show that it held 100% reserves at all times, the regulator said. In fact, Tether Reserves were not audited, the agency said.
The CFTC also announced that Bitfinex, a crypto exchange affiliated with Tether, was fined $1.5 million for permitting retail transactions by American residents.
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