Official announcement or press release from the U.S. Department of Justice or Treasury

U.S. Investigates Tether for Sanctions Violations; CEO Denies Allegations

Oct 25, 2024, 06:10 PM

The U.S. government is investigating cryptocurrency firm Tether for possible violations of sanctions and anti-money-laundering rules, according to reports by the Wall Street Journal and Bloomberg. The investigation, led by the Manhattan U.S. Attorney's office, involves the Treasury and Justice Departments, which are examining whether Tether engaged in dealings with groups on the U.S. sanctions list. Tether could face penalties for these alleged violations. Tether, issuer of the world's most traded cryptocurrency, USDT, sees as much as $190 billion in daily trading volume. Tether's CEO, Paolo Ardoino, denied the reports, stating there is no indication that Tether is under investigation and accusing the Wall Street Journal of repeating old news.