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Tether, the creator of the USDT stablecoin, is set to enhance its monitoring of secondary markets for its issued assets to deter their involvement in unlawful activities.
Representatives from Tether have revealed a partnership with Chainalysis, a prominent provider of software solutions for on-chain analysis. The primary aim of this partnership is to bolster the monitoring of USDT transactions in the secondary market to prevent its application in activities that breach laws or sanctions.
The Chainalysis solution will feature a robust array of monitoring and analysis instruments. Specifically, four key components are highlighted:
- Sanctions Monitoring;
- Categorization;
- Analysis of Major Wallets;
- Detection of Illicit Transfers.
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With the tools provided by Chainalysis, Tether will be capable of identifying unlawful transactions and addresses that are used to evade sanctions and access darknet platforms. The company will also be able to effectively categorize USDT holders by type, including different platforms, and scrutinize the activities of the largest holders’ addresses.
Paolo Ardoino, CEO of Tether, emphasized in the press release the firm’s dedication to upholding rigorous standards of regulatory compliance and its commitment to fostering transparency and security within the crypto sector. The document further states that Tether collaborates with 124 law enforcement agencies across 43 jurisdictions globally.
This initiative likely stems from various allegations concerning the USDT stablecoin and its involvement in illegal activities. The United Nations Office on Drugs and Crime (UNODC) issued a report indicating that USDT TRC-20 is being widely utilized by criminal organizations in Southeast Asia. In response, Tether representatives accused UN officials of lacking expertise in Web3 technologies.
Subsequently, reports emerged that Venezuelan authorities were utilizing USDT to bypass U.S. sanctions on oil trading. In reaction, Tether representatives stated they would restrict crypto addresses used to evade sanctions imposed by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department.
Сообщение Tether to Monitor Secondary Market for Illegal Activity появились сначала на CoinsPaid Media.
