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Tether and Bitfinex pay a fine by order of the CFTC … for this reason!

Tether and Bitfinex pay a fine by order of the CFTC … for this reason!

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Answer Tether and Bitfinex pay a fine by order of the CFTC … for this reason!

The US Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay $42.5 million in fines.

in statement Yesterday, October 15, orders were issued to:

Tether Holdings Limited, Tether Limited, Tether Limited Operations, and Tether International Limited

That is, all companies associated with the issuer of the largest stable cryptocurrency, Tether, USDT, have to pay a fine of $41 million.

This was issued by the CFTC on the basis of misleading statements and omission of material facts regarding the US dollar-based digital stablecoin “USDT”.

In addition, companies have been ordered to cease and desist from any further violations of the CFTC and the Commodity Exchange Act.

Read:24-year-old convicted to 20 years in prison after cryptocurrency scam

The authority issued a separate order against each of:

“BFXNA Inc”, “iFinex Inc” and “BFXWW Inc”.

These companies are all associated with the popular cryptocurrency exchange “Bitfinex”.

They must pay $1.5 million in civil fines for engaging in illegal off-exchange retail commodity transactions with US citizens.

Commenting on the matter, Rustin Behnam, Acting Chair of the Commodity Futures Trading Commission said:

The case highlights the expectations of honesty and transparency in the fast-growing and evolving digital asset market […] The CFTC will continue to take decisive action to highlight incorrect or misleading statements affecting the CFTC’s judicial markets.

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