BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Tether Restricts USDT Redemption for Certain Singapore Groups: Impacts and Implications

by Dan K
Sep 25, 2023 - 6:00 pm
in Blockchain
Graphic illustrating Tether's counterstatement to UN's allegations about USDT's use in illicit activities.

Understanding the New Tether Terms

Tether, the dominant force behind the USDT stablecoin, has recently made headlines by altering its terms of service for its customer base in Singapore. The CEO of Cake Group, Dr. Julian Hosp, unveiled this change through a post on the X platform, sharing the direct communication from Tether about the alterations.

What Do the Changes Entail?

Based on the shared email, the updated ToS primarily revolve around Tether’s customer criteria. The new terms state:

  • Enhanced restrictions on its onboarding standards.
  • Entities “controlled by another entity, directors, and shareholders residing in Singapore” will no longer qualify as Tether customers.

These changes puzzled many, particularly Cake DeFi, which was told it was controlled by a different corporation in Singapore, thereby making it ineligible for USDT redemption on Tether’s platform.

Speculations and Theories from the Crypto Community

The crypto community has been buzzing with theories regarding Tether’s abrupt decision:

  1. Singapore’s Money Laundering Scandal: Some believe that Tether’s updated ToS might be a response to the latest cryptocurrency money laundering scandal in Singapore. The assets connected to this controversy have reportedly surged past the $2 billion mark.
  2. Cake DeFi’s Standing: While some feel the change could be more generic, others theorize that this might be specific to Cake DeFi. Some users highlighted that Cake DeFi might be flagged for enhanced due diligence (EDD), suggesting potential partnership troubles between Tether and Cake DeFi.

Conclusion

While Tether’s reasons for altering its ToS in Singapore remain partly speculative, the decision has certainly stirred discussions in the crypto world. Whether it’s a preventive measure following the money laundering incident or specific issues with Cake DeFi remains to be confirmed.

Tags: SingaporeTetherUSDT
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service