Posted 1/15/2024, 9:00:00 AM
UN Report Highlights Tether's Extensive Ties to Crypto Crime in Southeast Asia Despite Recent Steps Toward Compliance
- UN report reveals Tether's significant role in crypto crime and money laundering operations in Southeast Asia
- Tether is widely used in illegal online gambling and "pig butchering" scams due to its capacity for fast, irreversible transactions
- Despite facing scrutiny, Tether's market cap has soared to nearly $100B, securing a 73% market share of stablecoins
- Tether grappled with allegations from US authorities in 2021, resulting in a $41M fine
- While taking steps toward compliance, Tether's use in criminal activities and dominance underscore need for more regulation