The U.S. Commodity Futures Trading Commission (CFTC) has fined Tether and Bitfinex a total of $42.5 million.
In the CFTC’s announcement on Friday, Tether is related to USDT backed by USD. “inaccurate and misleading statements” It was announced that he was fined for being found.
Tether, the producer of USDT, which has a market value of more than $69 billion, was fined $41 million.
Cryptocurrency exchange Bitfinex “in illegal individual commodity transactions” He was fined $1.5 million for playing a role.
According to the statement made by the CFTC, a one-to-one rate for each USDT produced. USD Declaring that it is supported by Tether, the total amount of USDT in circulation between 2016-2018 is only 27.6% of it It had enough fiat reserves to support it.
Although Bitfinex is not registered with the CFTC, it was stated that between 2016-2018, it mediated the crypto money transactions of real and legal persons in the USA.
Rostin Behnam, Deputy Chairman of the CFTC, “This case demonstrates how honesty and transparency are to be expected in the rapidly growing and evolving digital asset market.” made a statement. It was emphasized that the CFTC will continue to challenge organizations that make “false or misleading statements”.
Tether management, which made a statement on the subject after the CFTC’s statement, “The CFTC has not identified any issues with Tether’s current operations” and announced that the sentences in question were in response to activities carried out more than two and a half years ago.
The company states that the CFTC’s findings, USDT “not fully supported”, only the company’s reserves “not held in cash” indicated that.