Re:Legal expert says Tether and Binance Coin are likely pick...
by SpicyLemonZest on Wednesday June 16, 2021 @12:31PM
(#27530412)
And it's critical to note that Tether has, in fact, refused to process any redemptions for any US client since 2018.
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Re:Legal expert says Tether and Binance Coin are likely pick...
by skybrian on Wednesday June 16, 2021 @12:38PM
(#27530503)
I’m wondering why non-US intermediaries couldn’t do it?
Re:Legal expert says Tether and Binance Coin are likely pick...
by SpicyLemonZest on Wednesday June 16, 2021 @12:54PM
(#27530703)
According to their stated policy (https://tether.to/fees/), a non-US intermediary would have to:
* Pay them a nonrefundable $150 fee.
* Wait for your account to be verified, if you're approved - they have "sole discretion to approve or not approve accounts"
* Send them a minimum of 100,000 USDT
* Pay an additional $1000.
To be clear, it's likely that all of this is a lie and they simply aren't processing redemptions for anyone. I'm not aware of any documented story from the last few years of someone successfully performing a Tether redemption. The US policy is just easier to talk about because it's explicit: they say, in black and white (https://tether.to/faqs/), that "no issuance or redeeming services will be available to these users".
Re:Legal expert says Tether and Binance Coin are likely pick...
by wmf on Wednesday June 16, 2021 @12:49PM
(#27530637)
There's no evidence that Tether does redemptions for anyone.
Re:Legal expert says Tether and Binance Coin are likely pick...
by anonymoushn on Wednesday June 16, 2021 @08:55PM
(#27535167)
If you ask any trading desk in the space they will tell you they personally regularly do this.