Leonardo Real, the former AML manager of the Bank of Montreal, is recruited the Chief Compliance Officer (CCO) of Tether. Leonardo has got ten years of experience in traditional finance system and compliance. The CEO of Tether emphasized that Leonardo Real’s appointment in the company is an ‘invaluable asset’ to the company. Real would overlook all compliance issues.
WazirX crypto exchange has added INR-USD Tether trading pair to its trading platform. It is aimed at pushing liquidity in the market. The exchange has recently enabled peer-to-peer (P2P) transfer system post the RBI’s decision curtailing the banks from dealing in crypto related activities. The P2P system would be supporting direct fund transfers between the buyer and the seller.
The Chief Strategy Officer of Bitfinex and Tether Ltd. has made an announcement, Phil Potter regarding his resignations from his positions. A media statement has been released by Potter through email on Friday saying, “As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive team.”
Bitcoin futures have dropped 55 percent during this year, as acknowledged by CNBC. The CIO of Equity Armor Investments, Brian Stutland commented on the allegations that Tether impacts the bitcoin price fluctuations. He stressed, “If people were producing Tether to go ahead and then buy Bitcoin, then to me it seems that Tether should go to zero, not Bitcoin.”
Bittrex crypto exchange has begun its second phase of fiat trading system. The company has already unveiled its USD trading system in the midst of corporate customers which was its initial phase. The cryptos such as Bitcoin, Tether, and TrueUSD were supported. The second phase is to include traders from Washington, California, New York and Montana.
A study, by a finance professor at the University of Texas, John Griffin and Amin Shams, reveal the factors behind bitcoin price manipulation. The study found “less than 1% of hours with heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.”
Bittrex, crypto exchange based in Seattle, has entered into an agreement to permit the investors to trade selective cryptocurrencies for fiat. The exchange would be working along with New York-based Signature Bank to unveil the fiat trading feature for Bitcoin, Tether, and TrueUSD. The exchange also has plans to unveil the feature to retail customers as well.
Binance exchange has affirmed new trading pairs added to its exchange platform. They include Ripple and Binance Coin, TrueUSD and Tether, Stellar and Tether and lastly IOTA and USDT. The Binance users would be able to exchange the former coin with that of the later. It is reported that the value of Binance Coin surged by 8.27% post the declaration of new trading pairs.
Tether issues USDT stablecoins that are backed by US dollars in a 1:1 ratio. It is reported that the coin has made nearly $250 million worth of fresh USDT tokens. It was critiqued coining its lack of transparency following the break-in association with Friedman LLP, an audit firm. The criticizers are amazed over its connection with USD.