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06 March 2021

Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City – Altcoins Bitcoin News

Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City – Altcoins Bitcoin News


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Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City – Altcoins Bitcoin News.

Bitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General’s (NYAG’s) office over a case dating back to 2019.

Per the statement, an NY Attorney General’s investigation found that the companies made false statements about the backing of tether, with Bitfinex using Tether’s funds to clandestinely cover an $850 million financial hole at its bank Crypto Capital in Panama.

Bitfinex and Tether have now been barred from having any trading activity with the citizens of New York, as a result.

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