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Tether and Bitfinex must pay a $42.5 million fine from the CFTC
The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay $42.5 million in fines. In a release dated today, October 15, Tether Holdings Limited, Tether Limited, Tether Operations Limited and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, have been fined $41 million. This was issued by the CFTC due to “misleading statements and omissions of material facts relating to the US dollar token USDT.” In addition, the companies were ordered to avoid further violations of the CEA (Commodity...
Tether and Bitfinex must pay a $42.5 million fine from the CFTC
The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay $42.5 million in fines.
In one Release from today, October 15, Tether Holdings Limited, Tether Limited, Tether Operations Limited and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, were fined $41 million. This was issued by the CFTC due to “misleading statements and omissions of material facts relating to the US dollar token USDT.” In addition, the companies were ordered to refrain from further violations of the CEA (Commodity Exchange Act). Moving forward, the Commission also issued a separate order against BFXNA Inc., iFinex Inc. and BFXWW Inc - companies affiliated with the popular cryptocurrency exchange Bitfinex. They must pay a civil penalty of $1.5 million for engaging in illegal over-the-counter commodity trading transactions with U.S. citizens on the cryptocurrency exchange. Commenting on the matter, CFTC Acting Chairman Rostin Behnam said:
The case highlights the expectation of honesty and transparency in the rapidly growing and evolving digital assets market. […] The CFTC will continue to take decisive action to expose untrue or misleading statements that impact the markets under CFTC jurisdiction.”
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