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News

Tether Singapore Prohibited Has Existed Since May 2020, Rejecting Recent Untrue Rumor

September 25, 2023 - Around 2 mins mins to read

Key Points:

  • Tether’s CTO has clarified restrictions on Singapore customers since May 2020.
  • An email reveals changes to USDT redemption policies in Singapore.
  • Prohibited jurisdictions include Singapore, Cuba, North Korea, Iran, and others.
In response to recent reports by Cointelegraph, Tether has clarified its stance on restricting certain customer groups in specific jurisdictions.
Tether Singapore Prohibited Has Existed Long Time, Rejecting Recent Untrue Rumor

Tether Singapore Prohibited Affirmed by CTO Paolo Ardoino

Tether’s Chief Technology Officer, Paolo Ardoino, made a statement on the X platform, emphasizing that Tether had modified its services before May 12, 2020, including the prohibition of certain activities in Singapore. Cointelegraph initially reported that Tether had altered its terms of service (ToS) in Singapore, preventing select customer groups from converting USDT into U.S. dollars.

Cake co-founder and CEO, Julian Hosp, shared an email from Tether, revealing the company’s decision not to redeem USDT for United States dollars due to changes in its ToS. The email further disclosed that corporations controlled by another entity, as well as directors and shareholders residing in Singapore, were no longer permitted to be Tether customers.

Changes in USDT Redemption Policies Unveiled

While it remains unclear whether these changes are related to recent money laundering cases in Singapore, Tether’s CTO, Paolo Ardoino, shed light on the broader scope of prohibited jurisdictions. Ardoino confirmed that Singapore had been on the list of prohibited jurisdictions since 2020, alongside Cuba, North Korea, Iran, Pakistan, Syria, the Government of Venezuela, and Crimea.

Tether’s updated policies reflect its commitment to compliance and regulatory standards in various jurisdictions, addressing concerns and ensuring clarity for its global user base.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Paolo Ardoino

singapore

Tether

USDT

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Tether Singapore Prohibited Has Existed Since May 2020, Rejecting Recent Untrue Rumor

Key Points:

  • Tether’s CTO has clarified restrictions on Singapore customers since May 2020.
  • An email reveals changes to USDT redemption policies in Singapore.
  • Prohibited jurisdictions include Singapore, Cuba, North Korea, Iran, and others.
In response to recent reports by Cointelegraph, Tether has clarified its stance on restricting certain customer groups in specific jurisdictions.
Tether Singapore Prohibited Has Existed Long Time, Rejecting Recent Untrue Rumor

Tether Singapore Prohibited Affirmed by CTO Paolo Ardoino

Tether’s Chief Technology Officer, Paolo Ardoino, made a statement on the X platform, emphasizing that Tether had modified its services before May 12, 2020, including the prohibition of certain activities in Singapore. Cointelegraph initially reported that Tether had altered its terms of service (ToS) in Singapore, preventing select customer groups from converting USDT into U.S. dollars.

Cake co-founder and CEO, Julian Hosp, shared an email from Tether, revealing the company’s decision not to redeem USDT for United States dollars due to changes in its ToS. The email further disclosed that corporations controlled by another entity, as well as directors and shareholders residing in Singapore, were no longer permitted to be Tether customers.

Changes in USDT Redemption Policies Unveiled

While it remains unclear whether these changes are related to recent money laundering cases in Singapore, Tether’s CTO, Paolo Ardoino, shed light on the broader scope of prohibited jurisdictions. Ardoino confirmed that Singapore had been on the list of prohibited jurisdictions since 2020, alongside Cuba, North Korea, Iran, Pakistan, Syria, the Government of Venezuela, and Crimea.

Tether’s updated policies reflect its commitment to compliance and regulatory standards in various jurisdictions, addressing concerns and ensuring clarity for its global user base.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.