Tether bolsters surveillance measures to counter illicit Crypto activities
Tether bolsters surveillance measures to counter illicit Crypto activities
Tether, the world's largest stablecoin tied to the U.S. dollar, has intensified its surveillance of token usage across crypto markets and payments to counter illicit financial activities. In a statement released on Thursday, Tether announced its collaboration with blockchain analytics firm Chainalysis to introduce new tools aimed at pinpointing transactions linked to sanctioned entities and scrutinizing the behavior of significant token holders. Recent reports have highlighted instances of Tether being utilized in sensitive contexts. For instance, there were indications that Venezuela's state-owned oil firm PDVSA intended to ramp up its adoption of Tether for transactions involving crude and fuel exports, coinciding with renewed U.S. sanctions on Venezuelan oil. Additionally, revelations surfaced suggesting that Russian intermediaries leveraged Tether to circumvent Western sanctions, facilitating the procurement of military components for drones and other weaponry. In response t…
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