Tether denies transferring US customers’ funds to the Bahamas through Signature Bank
Key Points:
- Although Tether does not have direct access to the banking system in the United States, a number of recent findings indicate that Signature banking has been utilized to circumvent the law.
- The world’s biggest stablecoin guarantor utilized Mark Bank to move U.S. dollars from the U.S. to the Bahamas.
- Nevertheless, Paolo Ardoino, Tether’s Chief Technology Officer, denied it.
According to Bloomberg News, stablecoin issuer Tether used Signature Bank to transfer U.S. dollars from the United States to the Bahamas.
Tether transferred funds from customers in the United States to Capital Union Bank, the issuer’s banking partner in the Bahamas, via Signature Bank’s Signet payments platform before Signature Bank closed in March and was taken over by regulators.
People who are familiar with the situation claim that Tether instructed crypto customers to send dollars through Signature’s Signet payments platform to Capital Union Bank Ltd., a Bahamas-based banking partner.
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Although the beginning of the arrangement is unknown, it occurred when Signature Bank was seized by regulators last month, according to sources who requested anonymity due to the confidentiality of the information.
Even after regulators closed the bank, Signet, launched in 2019 as a real-time payments network and was a crucial technology for many institutional crypto clients, such as the exchanges Coinbase and Kraken, is still in operation.
Tie as of late blamed The Money Road Diary (WSJ) of printing and conveying bogus data about the organization and its systems. The USDT backer chastised the Money Road Diary and other traditional media for recording troublesome pieces of feedback about the business while commending other crypto endeavors that were the absolute most critical monetary calamities ever.
During times of market turmoil like the LUNA and FTX crises, Tether’s stability has been demonstrated. The business has demonstrated that it can continue to function as its customers want it to by successfully processing more than $20 billion in redemptions from market highs to lows.
