Odaily Planet Daily News: In response to a series of questions raised by John Reed Stark, a former Internet enforcement official of the U.S. Securities and Exchange Commission, about Tether, including the authenticity of financial reports and compliance issues, Tether Chief Technology Officer Paolo Ardoino responded as follows:
1. Tether is not an American company, does not operate in the United States, and does not attract American users. Its core market is people without bank accounts in emerging markets and developing countries;
2. Tether not only verifies all major market customers, but also conducts enhanced due diligence on all its customers. All customers are risk-rated and regularly checked in accordance with bank-standard anti-money laundering programs. The company uses World-Check to automatically and continuously monitor all customers for potential sanctions and adverse media criticism, and screens transfers between it and its customers through Chainalysis to find links to potentially high-risk wallets;
3. The company’s compliance team helps users affected by hackers recover funds and has cooperated with law enforcement agencies and regulators on many occasions;
4. Tether Limited is registered with FinCEN, submits suspicious activity reports (SARs) to FinCEN and is subject to Title 31 inspections. Tether Group has also submitted SARs to the British Virgin Islands FIA, and Tether regularly cooperates with the FBI and DOJ on various cases;
5. Tether does a good job in protecting its users, attaches great importance to risk management, and accumulates additional reserves on top of its 100% reserves;
6. Tether has been under scrutiny since 2014, which has helped our team become stronger, better, and more efficient. (Planet Daily)