New York Attorney General Letitia James made an announcement Tuesday about reaching a settlement agreement with iFinex, the parent company of Bitfinex, and Tether, which puts an end to a 22-month legal battle.
On top of paying an $18.5 million fine, the two affiliated companies have been prohibited from conducting any trading activities in the state of New York:
These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system…[…]This week, we’re taking action to end Bitfinex and Tether’s illegal activities in New York. These legal actions send a clear message that we will stand up to corporate greed whether it comes out of a traditional bank, a virtual currency trading platform, or any other type of financial institution.
