NYAG’S OFFICE AGREEMENT WITH BITFINEX AND TETHER SETTLED

New York Attorney’s Office settlement with Bitfinex and Tether finalized

The dispute that began in 2017 between cryptocurrency companies Bitfinex and Tether on one side and the New York Attorney General’s Office (NYAG) on the other has closed (and well).

The agreement to end the dispute involves the payment of $18.5 million by the two companies and seems to really represent a sensational success, considering how heavy the accusations made against them were (financial loss coverage and Tether’s unfounded claim that its virtual currency was backed by US dollars).

In the settlement it is decisive that Tether has to submit periodical reports to the NYAG office for the purpose of the quarterly update on the backing of USDT reserves.

The positive closing shows that there is a determination to regulate on the part of everyone involved, as well as the diffusion of proper information, in order to allow transparency, which only in this way becomes the first safeguard for increasing trust in the sector.

Translated with http://www.DeepL.com/Translator (free version)