Tether Refutes UN Report Linking USDT to East Asia's Illicit Activities

• Tether Disapproves of UN Report on Its Stablecoin's Involvement in Illegal Activities
• Tether's Response to the UN Report
• Findings from the UN Office on Drugs and Crime
• Tether's Request to the UN
• Tether's Collaboration with Authorities
• Concerns and Criticisms Surrounding Tether's USDT

Tether Disapproves of UN Report on Its Stablecoin's Involvement in Illegal Activities

Tether$1.000 -0.12%, the organization behind the largest global stablecoin, USDT, has rejected the assertions made in a United Nations (UN) report. This report implicated USDT in the underground banking and money laundering activities in East and Southeast Asia.

Tether's Response to the UN Report

Expressing disappointment, Tether defended its stablecoin, stressing that the report overlooked the positive influence it exerted on developing economies and emerging markets. The company also highlighted its track record of cooperating with law enforcement agencies.

Findings from the UN Office on Drugs and Crime

The UN Office on Drugs and Crime (UNODC) report noted that online gambling platforms, especially those running unlawfully, have become the preferred tool for cryptocurrency money launderers in the region. People using Tether or USDT on the TRON blockchain were specifically named in the report.

Tether's Request to the UN

Tether proposed that the UN engage in a cooperative dialogue. The company discussed its collaborations with international law enforcement agencies, including the Department of Justice (DOJ), Federal Bureau of Investigation (FBI), and the US Secret Service (USSS). The USSS also recently joined the Tether platform, according to the company.

Tether's Collaboration with Authorities

The firm emphasized its significant collaboration with legal authorities, which resulted in freezing more than $300 million recently. Despite this, the UN report did acknowledge that Tether voluntarily froze $225 million worth of USDT related to human trafficking and pig slaughtering in Southeast Asia in November 2023.

Concerns and Criticisms Surrounding Tether's USDT

Edited by Jonathan Stoker