UN Report Finds Tether Fueling Growth of Illicit Finance in Asia
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Tether has become the cryptocurrency of choice for criminals due to its stability, anonymity, low fees, and ease of use, according to a UN report.
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The report warned that Tether is fueling a surge in cyber fraud, money laundering, and underground banking in Asia.
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Online gambling platforms that use Tether are contributing to the growth of illicit digital economies in the region.
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Tether ranks among the most popular cryptocurrencies used by organized crime groups for money laundering.
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Financial authorities report a rapid increase in sophisticated, high-speed money laundering operations using Tether in recent years.