UN Report Attacks Tether for Facilitating Global Crime
“Online gambling platforms, and especially those that are operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether or USDT on the TRON blockchain,” said the report by the UN Office on Drugs and Crime (UNOD).
"USDT on the TRON blockchain has become a preferred choice for regional cyberfraud operations and money launderers alike due to its stability and the ease, anonymity, and low fees of its Transactions," was stated in the report.
"Law enforcement and financial intelligence authorities in East and Southeast Asia have also reported USDT among the most popular cryptocurrencies used by organized crime groups, demonstrated by a surging volume of cyberfraud, money laundering, and underground banking-related cases."
"We are disappointed in the UN’s assessment that singles out USDT highlighting its involvement in illicit activity while ignoring its role in helping developing economies in emerging markets, completely neglected by the global financial world simply because servicing such communities would be unprofitable for them," Tether said in response.
"The monitoring of Tether tokens through our collaboration with global law enforcement including the DOJ, FBI, and USSS (which was recently onboarded on the Tether platform) ensures unparalleled monitoring, surpassing traditional banking systems that for decades have been the vessel for laundering substantial sums proven by the fines that have been levied on them."
"Tether tokens, using public blockchains, make it possible to meticulously track every transaction, making it an impractical choice for illicit activities," added the company.