Tether and Bitfinex Settle NY AG’s Probe, expecting more transparency

Major crypto exchange Bitfinex and Tether, the issuer of the most popular stablecoin, tether (USDT), said they have reached a settlement of legal proceedings with the New York Attorney General’s Office (AOG). However, both companies are banned from offering trading services in New York, while Tether is obliged to disclose how tethers are backed in more detail.

After 2.5 years and 2.5m pages of info shared, we admit to no wrongdoing and will pay USD 18.5m to resolve this matter,” the exchange said today, adding that “the settlement amount we have agreed to pay to the Attorney General’s Office should be viewed as a measure of our desire to put this matter behind us and focus on our business.

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