Recently, prominent stablecoin company Tether blocked over $873,000 in digital assets connected to terrorism financing in Israel and Ukraine. This demonstrates the cryptocurrency industry’s growing role in combating illicit financial activities and aligns with broader efforts by major players to cooperate with law enforcement.
According to Tether’s new CEO Paolo Ardoino, cryptocurrencies are highly traceable since each transaction is permanently recorded on the blockchain. This traceability exposes perpetrators and does not conceal illegal behaviors.
Tether’s partnerships with agencies across 19 jurisdictions, including the U.S., U.K., and China, show its position as a responsible crypto entity. Moreover, collaborations with exchanges like Binance, which recently froze Hamas-linked accounts, enhance security and disrupt terror financing.
Overall, Tether’s freezing of funds and cross-border partnerships strengthen global financial security. The company’s efficacy, seen in thwarting over $835 million in illegal transactions, proves the high traceability of blockchain and the importance of cooperation between crypto firms and regulators.
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