Tether, the company behind the largest stablecoin in the cryptocurrency market, has come under criticism for the withdrawal process that some users and platforms find inaccessible or too difficult.
However, among the unconfirmed claims, it was said that the crypto exchange Binance was among the companies that had difficulty in converting their USDTs to dollars.
However, Tether CTO Paolo Ardoino denied claims that withdrawals from Tether could not be made and defended the onboarding process necessary to comply with the company's banking standards.
In a tweet on Monday, Ardoino said that Tether has completed withdrawals of more than 325 million USDT today, with many customers receiving dollars in exchange for their tokens.
He also addressed complaints about the rigor of the onboarding process that Tether implements, which requires basic information such as the source of funding.
He also addressed complaints about the rigor of the onboarding process that Tether implements, which requires basic information such as the source of funding. Bunun nedeninin Tether’in güçlü bir bankacılık ortakları ağına dayanması olduğunu ve bir müşteriyi kabul etmeden önce uygun KYC/AML’yi (müşterini tanı) işlemlerini sağlamanın önemli olduğunu söyledi. Bunu yapmamanın tüm Tether kullanıcılarını riske atacağını da sözlerine ekledi.
Describing the allegations as FUD, Ardoino stated that he does not understand that some crypto money companies have trouble answering even simple questions such as “explaining the source of their funds.” It is not known which company or companies Ardoino is referring to with this statement.
*Not investment advice.