Media accuse Tether of using Signature Bank services
The company asked its customers to buy USDT for dollars through the Signet payment system
05.04.2023 - 08:30
278
2 min
0
What’s new? Tether (the issuer of the USDT stablecoin) used Signature Bank to enter the US financial system. According to Bloomberg’s sources, Tether was asking its customers to buy stablecoins by sending dollars to its banking partner in the Bahamas, Capital Union Bank, through Signature’s Signet payment platform. The move allowed Tether to gain access to the US banking system.
Material on the Bloomberg website
What else is known? Bloomberg’s sources reported that this system was still operating when Signature was taken over by regulators in March 2023. While the agreement between Tether and Signature is not illegal, hiding this information for investors indicates a high degree of risk.
According to the agency’s Tether interlocutor, the company’s partner banks have always had access to multiple banking channels and counterparties, and associates would not have been affected either directly or indirectly by Signature.
The New York State Department of Financial Services (NYSDFS), jointly with the Federal Deposit Insurance Corporation (FDIC), announced the March 12 closure of Signature to protect the US economy. On March 23, the FDIC sold it to Flagstar Bank without the cryptocurrency part of the business. After April Signature customers’ crypto deposits will be forcibly shut down, no word yet on the regulator’s plans for the Signet payment network. That said, Tether CTO Paolo Ardoino said the company has nothing to do with the bank that went bankrupt.
#tether doesn't have any exposure to Signature Bank. — Paolo Ardoino 🍐 (@paoloardoino) March 12, 2023
According to the WSJ, top executives at Signature were involved in $100 million in insider trading. Major stock sales occurred after the bank began working with crypto companies.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 315
BTC
+1.18%
-
Ethereum
$3 295.8
ETH
-1.78%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.45
XRP
+23.04%
-
Dogecoin
$0.401846
DOGE
+3.85%
-
Cardano
$0.982565
ADA
+24.09%
-
Stellar XLM
$0.344271
XLM
+41.1%
-
Bitcoin Cash
$490.97
BCH
+1.2%
-
Polkadot
$6.4
DOT
+9.24%
-
Litecoin
$90.88
LTC
+2.54%