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    Home » Crypto News » Tether and Bitfinex Ordered to Pay $42.5 Million Fine by the CFTC

    Tether and Bitfinex Ordered to Pay $42.5 Million Fine by the CFTC

    Author: George Georgiev

    Last Updated Oct 15, 2021 @ 15:33

    Tether and Bitfinex were ordered by the CFTC to pay fines worth a total of $42.5 million for various violations.

    The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay fines worth $42.5 million.

    • In a release from today, October 15th, Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, were ordered to pay a fine worth $41 million.
    • This was issued by the CFTC on the grounds of “misleading statements and omissions of material fact in connection with the U.S. dollar token USDT.”
    • Additionally, the companies have been ordered to cease and desist from any further violations of the CEA (Commodity Exchange Act).
    • Going forward, the Commission also issued a separate order against BFXNA Inc., iFinex Inc., and BFXWW Inc – companies associated with the popular cryptocurrency exchange Bitfinex.
    • They must pay $1.5 million in a civil monetary penalty for engaging in illegal, off-exchange retail commodity transactions with US citizens on the cryptocurrency exchange.
    • Commenting on the matter was Rostin Behnam, acting chair of the CFTC, who said:

    The case highlights the expectation of honesty and transparency in the rapidly growing and developing digital assets marketplace. […] The CFTC will continue to take decisive action to bring to light untrue or misleading statements that impact CFTC jurisdictional markets.”

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    Tags: Bitfinex Regulations Tether (USDT) United States
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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