ethereumworldnews.com
In brief:
- The NY Attorney General’s office has settled with Bitfinex and Tether
- Bitfinex and Tether will cease all operations in New York
- They will also pay an $18.5 million fine alongside other requirements to increase transparency
The New York Attorney General’s office has reached an $18.5 million settlement with Bitfinex and Tether for alleged illegal activities in the state of NY. According to Bitfinex were pleased with the settlement. However, they admitted no wrongdoing and will pay the fine as a way of putting the matter to rest and focusing on their respective businesses in the crypto industry.
The teams at both Tether and Bitfinex also thanked their customers for their continued loyalty via the following statement.
We are pleased that our customers have shown loyalty and commitment to our businesses over the past two years, while this investigation was ongoing. The market capitalization of tethers has grown from US$2 billion to in excess of US$34 billion over that time period, and Bitfinex has seen dramatic growth, as well, particularly this year. We look forward to both companies continuing to lead the industry and serve our customers.