Tether Implements New Stablecoin-Freezing Policy After Seizing Funds Tied to OFAC Sanctioned Entities 

Tether, a starring stablecoin institution successful the crypto industry, has announced a important caller inaugural aimed astatine strengthening the information of the crypto plus ecosystem. The institution announced this play that its caller determination to voluntarily frost tether-holding wallets linked to the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List marks a proactive measurement towards combating illicit activities.

Tether Cracks Down connected Illicit Transactions

This decision, made by Tether connected December 1, 2023, supplements existing information protocols and aligns with planetary regulatory standards, according to the company’s announcement connected the subject. Tether’s latest enactment includes freezing wallet addresses antecedently added to the SDN List, reinforcing its committedness to forestall misuse of its tokens.

Paolo Ardoino, the CEO of Tether, emphasized the strategical quality of this decision. “This strategical determination aligns with our unwavering committedness to maintaining the highest standards of information for our planetary ecosystem and expanding our adjacent moving narration with planetary instrumentality enforcement and regulators,” Ardoino stated.

The Tether CEO continued:

By executing voluntary wallet code freezing of caller additions to the SDN List and freezing antecedently added addresses, we volition beryllium capable to further fortify the affirmative usage of stablecoin exertion and beforehand a safer stablecoin ecosystem for each users.

Tether’s past of USDT freezing is not new. Previously, the institution has blacklisted galore addresses progressive successful suspicious transactions. These actions person included freezing implicit 30 USDT addresses that moved billions, arsenic reported by the blockchain quality steadfast Chainargos. These measures were portion of Tether’s ongoing collaboration with instrumentality enforcement, including the U.S. Department of Justice (DOJ), to combat amerciable activities.

In 1 notable instance, Tether voluntarily froze $225 cardinal successful USDT linked to quality trafficking groups successful Southeast Asia. This action, hailed arsenic the “largest-ever frost of USDT,” showcased the company’s progressive relation successful preventing the misuse of its currency. Additionally, Tether seized $9 cardinal successful assets stolen successful pig butchering scams, moving intimately with the DOJ and U.S. Secret Service.

Tether’s stablecoin is wide utilized, and among the 11,000-plus integer assets successful the cryptocurrency market, it stands retired with 1 of the highest levels of regular transactions, trading volumes, and settlements. In a caller development, the company’s U.S. dollar-tied token, USDT, achieved a sizable marketplace valuation of $90 billion. Notably, the tokens operating connected Ethereum and Tron networks are typically ever experiencing important activity.

What bash you deliberation astir Tether’s caller plus frost policy? Tell america successful the comments conception below.