Stablecoin issuer agrees to settle lawsuit over ‘deceptive’ trading practices

Letitia James
Letitia James
Thomas Good / NLN

The firm behind the stablecoin tether and sister company Bitfinex have settled a lawsuit with the New York Attorney General’s Office (NYAG) over allegations of deceptive trading practices.

On February 23, Tether agreed to pay a fine of $18.5 million to the state of New York, cease trading with New Yorkers, and increase transparency over the pool of US dollars backing its crypto asset.

In a statement, Tether and Bitfinex stressed they “admit no wrongdoing”, adding they agreed to settle the case

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