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Sujit Kumar
Jan 17, 2024
by Sujit Kumar

Tether Responds to UN Report, Defends Against Allegations

Tether Responds to UN Report

Table of contents

  1. Addressing UN Oversight and Traceability
  2. UNODC Report Identifies USDT in Southeast Asia Money Laundering
  3. Tether Calls for Industry Engagement and Collaboration
Tether, a major player in the cryptocurrency industry, is pushing back against a recent United Nations report that implicated its stablecoin, USDT, in money laundering and scams in Southeast Asia. The company expressed disappointment, emphasizing the positive impact of USDT on developing economies. Tether defended its position, highlighting collaboration with global law enforcement agencies and robust monitoring measures surpassing traditional banking systems.

Addressing UN Oversight and Traceability

In response to the UN report, Tether argued that the assessment unfairly concentrates on USDT's alleged involvement in illicit activities while overlooking its traceability and collaboration with law enforcement. The company called attention to freezing over $300 million to combat criminal use of crypto assets. Tether urged the UN to consider a broader discussion on how centralized stablecoins could enhance efforts to combat financial crimes.

UNODC Report Identifies USDT in Southeast Asia Money Laundering

The UN Office for Drugs and Crime (UNODC) division for Southeast Asia released a report highlighting the use of crypto assets in illicit activities. Specifically, the report identified USDT, based on the Tron blockchain, as a prominent instrument for money laundering in the region. Tether responded by emphasizing opportunities for collaboration in addressing financial crimes on blockchain platforms.

Tether Calls for Industry Engagement and Collaboration

Tether's statement concluded by encouraging the UN to engage with the cryptocurrency industry to comprehend and implement contemporary strategies in the fight against financial crime. The company expressed a willingness to collaborate on initiatives to address concerns and contribute to the ongoing efforts in maintaining a secure and transparent financial ecosystem.

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Tether Responds to UN Report
Tether Responds to UN Report, Defends Against Allegations
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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