Bitfinex markets itself as the world's biggest crypto exchange.
Bloomberg reports that the US Commodity Futures Trading Commission sent subpoenas last week to Bitfinex and Tether last week. They cite a person familiar with the matter.
For background, I wrote earlier this month: If crypto implodes, Bitfinex and Tether will be at ground zero
This week, Tether abandoned its audit. The cryptocurrency claims to back up its 2.3 billion coins at a 1-to-1 ratio with US dollars.
"We routinely receive legal process from law enforcement agents and regulators conducting investigations," Bitfinex and Tether said in a statement to Bloomberg. "It is our policy not to comment on any such requests."
The broader crypto market is getting hit on these headlines with Bitcoin now testing below $10,000, down 10% on the day.
Reading through the report, there is virtually no detail on what the CFTC is looking for or what is in the subpoena.
Bitfinex markets itself as the world's biggest crypto exchange.
Bloomberg reports that the US Commodity Futures Trading Commission sent subpoenas last week to Bitfinex and Tether last week. They cite a person familiar with the matter.
For background, I wrote earlier this month: If crypto implodes, Bitfinex and Tether will be at ground zero
This week, Tether abandoned its audit. The cryptocurrency claims to back up its 2.3 billion coins at a 1-to-1 ratio with US dollars.
"We routinely receive legal process from law enforcement agents and regulators conducting investigations," Bitfinex and Tether said in a statement to Bloomberg. "It is our policy not to comment on any such requests."
The broader crypto market is getting hit on these headlines with Bitcoin now testing below $10,000, down 10% on the day.
Reading through the report, there is virtually no detail on what the CFTC is looking for or what is in the subpoena.
USDT is literally printing money out of nothing. Just like USD
Lmao “pegged to the dollar”.
Here’s a block chain code for your fiat money that will track everything you do with it thanks!
No, no I don’t work for the treasury dept, or nsa - they’re just friends of mine.
The funny part is no one doubts they have the three and a half billion but nobody really expects them to give a damn about wether they do it dont. It's run out of Hong Kong so I don't even see what jurisdiction we have here if any.
Also I should explain that the appeal of tether for some is to have liquidity between crypto while trading. Most people just hold ETH or even LTC or BTC when they exit alts but some people use USDT for some reason I can't figure out yet
We have also read online about many outlandish conspiracy theories suggesting that Tether is not backed 1:1 by currency on deposit with banking institutions. Any such claim is unequivocally false, and the audits will bear that out.
SilverEagle wrote:
You're a dumbass if that is what you believe. You obviously don't understand how bitcoin functions.
They wouldn't be using Bitcoin, though. They'd be creating/modifying the tech from scratch. They could dictate supply in any way they like. Essentially, they could create dollars, exactly as they are now, with a full record of every transaction.
Which is why Bitcoin is not going away.....anytime soon.
Its already gone.
No man's life, liberty, or property are safe while the legislature is in session
Bitcoin is no longer being used as money to any significant degree. It failed as money. It's just a speculative investment bccvehicle now, and that's like to implode like the tulip market or my fucking garbage pale kids cards that are now worthless.
Speaker to Animals wrote:Bitcoin is no longer being used as money to any significant degree. It failed as money. It's just a speculative investment bccvehicle now, and that's like to implode like the tulip market or my fucking garbage pale kids cards that are now worthless.
For legal reasons, we are not threatening to destroy U.S. government property with our glorious medieval siege engine. But if we wanted to, we could. But we won’t. But we could.
It's happened in the US and now it's happening in the UK. Lloyds Banking Group, which runs Halifax, Bank of Scotland, MBNA and, of course, Lloyds, has banned its customers from buying bitcoin with their credit cards. "We do not accept credit card transactions involving the purchase of cryptocurrencies," a Lloyds Banking Group spokesperson told the Guardian. It's thought to be the first UK bank — or rather, banking chain — to block its members from investing in the cryptocurrency. The worry, presumably, is that people will borrow cash and then be saddled with large amounts of debt they cannot pay back due to Bitcoin's fluctuating value.
For legal reasons, we are not threatening to destroy U.S. government property with our glorious medieval siege engine. But if we wanted to, we could. But we won’t. But we could.
It's happened in the US and now it's happening in the UK. Lloyds Banking Group, which runs Halifax, Bank of Scotland, MBNA and, of course, Lloyds, has banned its customers from buying bitcoin with their credit cards. "We do not accept credit card transactions involving the purchase of cryptocurrencies," a Lloyds Banking Group spokesperson told the Guardian. It's thought to be the first UK bank — or rather, banking chain — to block its members from investing in the cryptocurrency. The worry, presumably, is that people will borrow cash and then be saddled with large amounts of debt they cannot pay back due to Bitcoin's fluctuating value.
