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A comment on Bitfinex and Tether required to end all trading activity with New Yorkers. Parent comment

Re:Bitfinex and Tether required to end all trading activity ... by lazide on Tuesday February 23, 2021 @08:21PM (#26245436)
I can’t find where Tether is ACTUALLY regulated, but I can find a lot of misinformation about where it is regulated and how, even in their own legal pages. For instance, they claim they are regulated by FinCEN. However, they appear to only be registered with FinCEN for the purpose of reporting crimes and the like (money laundering), which does not (quite explicitly) give them the right to claim FinCEN in any way is regulated or overseeing them in the traditional sense.

If someone runs across Tether (somehow?) explicitly committing money laundering in a jurisdiction that FinCEN controls, yeah they could go after them - but since they don’t have an address near as I can tell, that’s not easy to do, and all they say on the matter is they are ‘incorporated in Hong Kong’ [https://tether.to/contact-us/]

Also, their ‘proof of funds’ is kinda ridiculous from any sort of auditing or compliance perspective and crazy out of date [https://tether.to/wp-content/uploads/2018/06/FSS1JUN18-Accou...]

If you have any more accurate information, please post!

[ Parent | on HN ]
Re:Bitfinex and Tether required to end all trading activity ... by bottled_poe on Tuesday February 23, 2021 @10:52PM (#26246392)
Given the amount of money we’re taking about, the number of investors affected and the extent of the fraud around these entities, I’m surprised we have not yet seen a securities class action suit raised against them... I suppose it’s all good while the ROI goes up. After the seemingly inevitable crash, I suspect a SCA would be on the cards
[ Parent | on HN ]
Re:Bitfinex and Tether required to end all trading activity ... by lazide on Tuesday February 23, 2021 @11:07PM (#26246475)
I think there are 4+ active class action lawsuits, or were before they were combined - https://www.google.com/amp/s/www.coindesk.com/plaintiffs-com...
[ Parent | on HN ]