Another Blow From SEC to Tether!

US Securities and Exchange Commission (SEC) cryptocurrencies and continues its pressure and sanctions on its companies.

In this context SECfinal sanction decision stablecoin New York-based accounting firm that provides auditing services for issuers Friedman LLP gave about.

The SEC has named the market’s largest stablecoin in a recent order. Tether’s former auditor, fined Friedman LLP $1.5 million.

Stating that the firm found that it was involved in various examples of improper professional professional behavior during the audits of the two companies between 2017 and 2020, the SEC said that Friedman LLP was charged with serial violations of federal securities laws.

“Friedman LLP failed to design and implement appropriate audit procedures and did not exercise due professional due diligence in its investigation into its audits of Chinese grocery chain iFresh and another unnamed company.

It was also found that Friedman LLP lied about conducting its audits in accordance with Public Company Accounting Oversight Board standards.”

In the SEC order, Friedman LLP said it did not deny the SEC’s accusations and agreed to resolve these issues and would issue a $1.5 million fine as well as training for staff.

While Tether is never mentioned in the SEC’s warrant against Friedman LLP, the largest stablecoin Tether (USDT) He worked with the New York-based accounting firm until 2018.

However, in those years, Friedman LLP did not provide an audit fast enough. Tether He told his spokesperson that he was parting ways with the company.

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