Tether has reacted to the UN's allegations
Tether has reacted to the UN's allegations
After the United Nations (UN) claimed that the USDT stablecoin is the preferred tool of attackers for their illegal activities, including money laundering and investment fraud, cryptocurrency platform Tether has strongly criticized the complainant.
Tether has denied the allegations, stating that it works closely with law enforcement agencies around the world, including the Department of Justice, FBI and USSS. In addition, the company notes that the UN has never once mentioned the key role of blockchain technology in detecting and preventing illegal activity.
As an issuer of stablecoins, Tether allows law enforcement to freeze illegal transactions, which is not the case with traditional assets, and the transparency of the public registry makes it easier to track fraudulent transactions involving cryptocurrencies.
"We are disappointed by the UN's assessment, which singles out USDT and emphasizes its involvement in illicit activities while ignoring its role in supporting emerging economies," Tether said in a statement.
The company said that "instead of focusing solely on the risks, the UN should also discuss how centralized stablecoins can enhance efforts to combat financial crime."
Tether believes that the UN needs to focus its efforts on developing and implementing modern strategies to combat financial crime through blockchain technology.
"Tether is happy to collaborate on such issues," the company said.
In addition, the UN needs to move towards proactive measures to educate on blockchain technologies and capabilities to create a more informed and productive environment.
In particular, Tether invites the UN to engage in a joint dialogue to address challenges and promote collective efforts to combat financial crime in the digital age, demonstrating the platform's commitment to openness.
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