Tether, the company behind the stablecoin USDT, has disclosed close ties with several U.S. government agencies including the Department of Justice, Federal Bureau of Investigation, and Secret Service. The purpose of these partnerships is to improve security in the stablecoin industry and assist law enforcement efforts against illegal activity.
Specifically, Tether claims to have worked extensively with these agencies, allowing them access to Tether’s platform to identify and freeze funds associated with sanctioned individuals or entities. As an example, Tether says over 300 wallets totaling $435 million have been frozen thanks to collaboration with the three agencies.
Tether revealed these government partnerships in letters to Senator Cynthia Lummis. The letters aim to address concerns raised by Lummis about whether Tether and Binance provided support for terrorism by violating sanctions laws.
Recently, Binance pled guilty to Bank Secrecy Act violations related to a DOJ investigation. As part of a settlement agreement, Binance agreed to pay over $4 billion in fines. Tether’s letters appear intended to demonstrate its cooperation with authorities and distinguish its conduct from Binance.
#Tether #USDT #FBI #DOJ #Cryptocurrency #Stablecoin
