Tether and Bitfinex Unveil Truth: Transparency Triumphs as FOIL Request Prevails!

"CoinDesk's FOIL Request Uncovers Tether and Bitfinex's Post-Settlement Operations, Revealing Compliance Efforts and Financial Practices"

Tether and Bitfinex, two prominent players in the cryptocurrency industry, have dropped their opposition to a Freedom of Information Law (FOIL) request initiated by CoinDesk. The FOIL request aimed to shed light on the operations of Tether and Bitfinex following an $18.5 million settlement with the New York Attorney General (NYAG) in February 2021. As part of the settlement, the companies were required to provide regular reports for two years, detailing their financial practices and ensuring compliance with regulatory standards.

Initially, Tether and Bitfinex opposed the FOIL request due to concerns that confidential customer data and sensitive commercial details could be compromised. The companies expressed worries about unprofessionalism and bias from journalists and media outlets, emphasizing the importance of ethical journalism standards. However, they have now dropped their opposition, recognizing the significance of transparency while still emphasizing the need to protect customer data and uphold ethical journalism practices.

This change in stance aligns with Tether’s previous commitment to prioritizing transparency over litigation. Earlier this year, Tether did not resist CoinDesk’s FOIL request, demonstrating their willingness to provide information and maintain transparency in their operations.

CryptoSlate, another media outlet, has expressed interest in obtaining more information about the FOIL request. They have highlighted the ongoing scrutiny surrounding iFinex Inc., the Hong Kong-based proprietorship of both Tether and Bitfinex. The decision of Tether and Bitfinex to comply with the FOIL request is seen as a commitment to transparency, ethical journalism standards, and respect for data privacy within the cryptocurrency sector.

It is important to note that this article was generated with the support of AI and reviewed by an editor to ensure accuracy and adherence to journalistic standards. For more information, please refer to the terms and conditions of our publication.

Martin Reid

Martin Reid

Leave a Replay

Scroll to Top