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Tether, a popular cryptocurrency, has updated its terms of service, stating that residents of Singapore are now prohibited from holding shares in USDT trading.
The CEO of Cake DeFi, Julian Hosp, shared an email from Tether explaining this policy change. There’s speculation that this change may be connected to a recent money laundering case in Singapore.
Tether has made changes to its terms of service in Singapore, specifically prohibiting residents of Singapore from exchanging USDT for USD. Julian Hosp, CEO of Cake DeFi, shared an email from Tether that outlined these updates.
According to the email, Tether has updated its terms to include stricter onboarding standards. It now restricts corporates controlled by other entities, directors, and shareholders residing in Singapore from being Tether customers.
The email also mentioned that Cake DeFi, being controlled by another Singapore-based corporation, would face limitations on account verification and would not be allowed to issue or redeem on the platform.
Hosp expressed his frustration on social media, mentioning that he had planned to mint/redeem USDT with Bake, the retail branch of Cake DeFi, which is headquartered and registered in Singapore, but received the email with these restrictions.
Crypto reporter Wu Blockchain shared the news and questioned whether this change was related to a recent money laundering case in Singapore. Another user on social media noted that it comes just one month after a significant money laundering bust in Singapore.
In August 2023, the Singapore Police arrested ten foreign nationals suspected of money laundering, marking one of Singapore’s largest money laundering cases. Authorities seized assets worth $1.76 billion, including cryptocurrency, cash, gold bars, properties, and vehicles. These individuals were accused of laundering proceeds from overseas criminal activities, including scams and online gambling.
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