{"id":564351,"date":"2020-10-24T17:37:34","date_gmt":"2020-10-24T14:37:34","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564351"},"modified":"2020-10-24T17:37:34","modified_gmt":"2020-10-24T14:37:34","slug":"bitfinex-cto-tether-usdt-is-registered-with-fincen-and-regulated","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitfinex-cto-tether-usdt-is-registered-with-fincen-and-regulated\/","title":{"rendered":"Bitfinex CTO: Tether (USDT) is Registered with FinCEN and Regulated"},"content":{"rendered":"<p><strong>Summary:<\/strong><\/p>\n<ul>\n<li><strong>Bitfinex CTO and Tether CTO, Paolo Ardoino, has clarified that Tether (USDT) is indeed regulated<\/strong><\/li>\n<li><strong>Mr. Ardoino announced via Twitter that Tether was also registered with FinCEN<\/strong><\/li>\n<li><strong>His comments come after Tether competitors have been using the &#8216;regulation&#8217; card to gain favor with users<\/strong><\/li>\n<li><strong>Tether recently hit $16 Billion in market capitalization<\/strong><\/li>\n<\/ul>\n<p>There has been a long-held belief that the popular stablecoin of Tether (USDT) was not regulated. However, Bitfinex CTO and Tether CTO, Paolo Ardoino, has clarified via Twitter that Tether (USDT) is registered with FinCEN (The US Financial Crimes Enforcement Network) and very much regulated.<\/p>\n<p>Mr. Ardoino also pointed out that Tether competitors have been using the narrative that Tether was not regulated to gain favor with users. Below is Mr. Ardoino&#8217;s Tweet explaining that Tether is indeed regulated.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A few people in the industry told me that some <a href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@tether_to<\/a> competitors are going around saying that they&#39;re better because they are regulated. It&#39;s sad how many lies people tend to spread as last resort to save their businesses. (Btw Tether is registered with FinCEN and regulated)<\/p>\n<p>&mdash; Paolo Ardoino (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1319976256084037632?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 24, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Why Doubts Persist Regarding Tether (USDT)<\/h2>\n<p>The belief that Tether (USDT) is not regulated comes after years of incidences surrounding the stablecoin.<\/p>\n<p>To begin with, there has been years of speculation that Tether&#8217;s balances <a href=\"https:\/\/ethereumworldnews.com\/tether-usdt-confirms-banking-balance-and-bank-account-in-the-bahamas\/\" target=\"_blank\" rel=\"noopener noreferrer\">were not backed by actual fiat<\/a> in a one to one ratio. Secondly, and back in 2018, there was the fake news that <a href=\"https:\/\/ethereumworldnews.com\/reports-of-binance-delisting-tether-usdt-turns-out-to-be-fake-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Binance had delisted USDT<\/a> as a result of the latter being declared a scam. Thirdly and also in 2018, there was a report that explained that <a href=\"https:\/\/ethereumworldnews.com\/bitcoins-btc-price-was-pushed-up-using-tether-usdt-manipulation-says-researchers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tether was used to manipulate<\/a> Bitcoin. Fourthly, Bitfinex is currently under investigation by the New York Attorney General&#8217;s office.<\/p>\n<p>The years of rumors and speculation surrounding Tether has led many crypto- traders to avoid USDT. Earlier this year, the team at Weiss Crypto Ratings also advised crypto traders<a href=\"https:\/\/en.ethereumworldnews.com\/weiss-ratings-avoid-exposure-to-tether-usdt\/\" target=\"_blank\" rel=\"noopener noreferrer\"> to avoid Tether completely<\/a>. The team at Weiss had recommended the use of USDC and DAI as alternatives to Tether.<\/p>\n<h2>Tether&#8217;s Market Cap Hits $16 Billion<\/h2>\n<p>In terms of growth, Tether (USDT) seems to have brushed off the FUD as seen with the continual growth of its market cap. At the time of writing, the parent company of Tether currently holds $16.4 Billion in assets. Tether&#8217;s market capitalization on CoinGecko currently stands at $16.291 Billion. This value is four times Tether&#8217;s market cap of $4 Billion seen at the beginning of 2020.<\/p>\n<h2>Conclusion<\/h2>\n<p>Summing it up, Bitfinex and Tether CTO, Paolo Ardoino has put to rest the speculation that Tether was not regulated. Mr. Ardoino has clearly stated that Tether is registered by FinCEN and fully regulated.<\/p>\n<p>Additionally, Tether&#8217;s market cap has hit a new milestone of $16.4 Billion with USDT setting its eyes on <a href=\"https:\/\/en.ethereumworldnews.com\/report-expect-ethereum-to-lose-the-2-spot-to-tether-usdt-in-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">dethroning Ethereum<\/a> from the number 2 spot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Bitfinex CTO and Tether CTO, Paolo Ardoino, has clarified that Tether (USDT) is indeed regulated Mr. Ardoino announced via Twitter that Tether was also registered with FinCEN His comments come after Tether competitors have been using the &#8216;regulation&#8217; card to gain favor with users Tether recently hit $16 Billion in market capitalization There has been a long-held belief that the popular stablecoin of Tether (USDT) was not regulated. However, Bitfinex CTO and Tether CTO, Paolo Ardoino, has clarified via [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":55115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823,947],"tags":[4875,1811,6637],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564351"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=564351"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/55115"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=564351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=564351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=564351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}