Stablecoin Tether steps up monitoring in bid to combat illicit finance
monitoring of how its tokens are used in broader crypto markets and payments in a bid to combat illicit finance, Tether said in a statement on Thursday.
Tether, a cryptocurrency pegged to the U.S. dollar, and blockchain analytics company Chainalysis have launched new tools to identify transactions associated with sanctioned entities and analyse the activity of major holders of the token, Tether said.
Last month, Reuters reported that Venezuela's state-run oil company PDVSA planned to increase use of Tether in its crude and fuel exports at a time when the U.S. has reimposed oil sanctions.
The Wall Street Journal reported last month that Russian middlemen had used Tether to evade Western sanctions in order to source weapons parts for drones and other military equipment.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details» Tether's announcement did not mention either report.
Asked by Reuters if Thursday's announcement was related to the report about Venezuelan oil, a spokesperson for Tether said that its work to build a more powerful monitoring tool with Chainalysis had been «in the works for several
