Tether (USDT) responds to report on using falsified documents to open bank accounts

ambcrypto.com:

Tether, the issuer of the largest stablecoin, has called the Wall Street Journal report “wholly inaccurate and misleading. The WSJ report accused the firm of using falsified documents and shell companies to open bank accounts in 2018. The report stated that the company had opened accounts under the names of executives from various companies. This was done in order to continue to be part of the global financial system.

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Moreover, the report also claims that the stablecoin issuer and the leading crypto exchange – Bitfinex, had at least nine bank accounts for shell companies in Asia in October 2018. One of the shell companies was identified as Crypto Capital Corp, which was noted as a shadow bank. The shell company held some of Tether’s funds but was eventually shut down by authorities in 2018.

Additionally, the report also cited one of the emails sent by Stephen Moore – one of the owners of Tether holdings. The email stated that a major Tether trader in China was trying to bypass the “banking system by providing fake sales invoices and contracts for each deposit and withdrawal.” The Tether owner had reportedly signed some of the falsified documents but acknowledged that this was too risky. He had further stated, “I would not want to argue any of the above in a potential fraud/money laundering case”.

Speaking about the report, Tether stated,

“Bitfinex and Tether have world-class compliance programs and adhere to applicable Anti-Money Laundering, Know Your Customer, and Counter-Terrorist Financing legal requirements. Bitfinex and Tether are proud partners of global law enforcement”

The stablecoin issuer also stated that the “unfair attacks” by WSJ would not distract them