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Compromise in Tether Case

Crypto money with important consequences for the sector and agreed on a closely watched case that Bitfinex and Tether case.

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Compromise in Tether Case

Crypto money with important consequences for the sector and agreed on a closely watched case that Bitfinex and Tether case.The New York Attorney General’s office (NYAG) made a deal with Bitfinex after a 22-month investigation into whether the cryptocurrency exchange was trying to cover $ 850 million in customer and institutional funds held by a payment processor.

The NYAG office announced the deal on Tuesday, officially ending the investigation that began in April 2019. Under the terms of the deal, Bitfinex and Tether will admit that there is nothing wrong, but will pay $ 18.5 million and provide quarterly reports disclosing Tether ‘s reserves for two years . More importantly, these reports will be expected to match the information Tether provides to NYAG about its reserves. The NYAG will not bring any charges as part of the deal.

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