The United Nations (UN) Office on Drugs and Crime released a report on January 15 identifying Tether, the USDT stablecoin issuer, as the "most popular vehicle for cryptocurrency-based money laundering in the Southeast Asian region." Tether expresses disappointment in UN report
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Tether Challenges UN Report
Tether has released a response challenging the UN report, expressing disappointment in the UN's assessment that singled out the stablecoin and highlighted its alleged involvement in illicit activity. The company emphasized its role in helping developing economies in emerging markets and highlighted its continuous collaboration with global law enforcement, such as the DOJ, FBI, and USSS, to ensure thorough monitoring. Tether also pointed out that its use of public blockchains makes every transaction traceable, rendering it impractical for illicit activities. The company's CEO, Paolo Ardoino, stated that Tether is the "dumbest choice for doing illicit activity." Additionally, Tether has assisted the United States Department of Justice in fighting illicit activities and criminal use of cryptocurrencies, freezing over $225 million USDT tokens connected to illicit organizations.
This is evident in our freezing of more than US$300 million within the last few months, showcasing our commitment to combating the criminal use of cryptocurrencies. Implementing security measures, including developing together with Chainalysis, a tool for monitoring secondary markets, highlights our dedication to community protection.
A Call For Blockchain Education
Tether believes that blockchain education is crucial in combating financial crime. They suggest that the UN should prioritize exploring how centralized stablecoins can enhance anti-financial crime efforts, rather than focusing solely on their risks.
We believe the UN could benefit from an expanded understanding of blockchain technology and the immense improvements it offers with respect to fighting financial crime.
They have invited the UN to participate in a collaborative dialogue that has been successful with numerous global law enforcement agencies in the past. They affirm that "Tether remains committed to promoting transparency and accountability in digital currencies."
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.