Tether is reiterating its commitment to collaborating with U.S. law enforcement and regulatory authorities to fight against unlawful activities.
Stablecoin issuer Tether is looking to increase its crackdown on illicit crypto transactions by sharing its recent letters to members of the U.S. House Financial Services Committee and U.S. Senate Committee on Banking, Housing and Urban Affairs.
In its first letter, Tether addressed its emphasis on know-your-customer (KYC) and regulatory compliance efforts, explaining the startup has created a dedicated Compliance Department running on a “strong KYC/AML program. Moreover, the company stated its KYC program has been examined by the IRS on behalf of FinCEN.
The stablecoin provider also revealed it uses a reactor tool from crypto market activity Chainalysis, which also sends reports of the transactions made in Tether’s secondary market.
The reactor tool reportedly helps Tether analyze blockchain transactions to identify wallets associated with problematic activities or funding what the U.S. government deems to be terrorist groups (i.e., Hamas and Hezbollah).
“Tether remains fully committed to using these tools to identify potentially suspicious transactions. We proactively reach out to law enforcement and anti-terrorist financing agencies and inform them
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Author: Julius Mutunkei
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