It has been reported that Tether, the world’s largest stablecoin issuer, has stopped dollar payments in exchange for USDT for a country.
Tether has changed its terms of service for its customers from Singapore, Iran, Syria, North Korea, Venezuela, Pakistan and Crimea. USDT services had restricted it. The one who brought this incident to light is decentralized finance (DeFi) protocol Cake DeFiCEO of Julian Hosp happened. Cake DeFi is a blockchain and staking company operating on behalf of Cake Group and hosting a number of DeFi platforms.
hosp 25 September a social media where he shared the day in the postincluded an email sent by Tether. In the e-mail in question, the Tether front stated that Cake DeFi is managed by a Singapore-related company. Convert USDT to dollar that they cannot allow he stated.
According to the email, Tether has changed its terms of service. Companies that have shareholders or are resident in Singapore It does not allow receiving Tether payments in exchange for dollars.
Tether CTO Paolo Ardoino A statement on the subject given by in the statement, He said that the archive should be looked at before spreading FUD and this it’s not new emphasized:
We have kept Singapore among the prohibited areas since 2020. This is not a new situation.
A social media user named Rho Rider stated that the restriction in question is in Singapore. 1 month ago come truen $2 billion money laundering scandal He then claimed that he stepped in.
Monetary Authority of Singapore (MAS) 15 August It announced that it introduced new regulations for stablecoins and subjected companies doing business in this field to many obligations.