Tether's Stringent Measures: Blacklisting Wallets on US Sanctions List
The latest development involves the blacklisting of wallets associated with entities on the US sanctions list. This move is part of Tether's dedication to upholding regulations that prohibit transactions from individuals and organizations connected to high-risk jurisdictions.
The affected regions include Cuba, the Democratic People’s Republic of Korea (North Korea), Iran, Pakistan, Singapore, Syria, the Government of Venezuela, and Crimea. Residents or individuals domiciled in these areas will encounter limitations accessing the Tether.to platform. Moreover, U.S. persons are subject to restrictions on using the Tether.to platform unless they qualify as Eligible Contract Participants ("ECP") under U.S. law.
The company has a history of blacklisting addresses engaged in dubious transactions.
The company’s collaboration with law enforcement agencies, notably the U.S. Department of Justice (DOJ), to combat illicit activities is well-documented. Tether's proactive stance against misuse of its currency was highlighted when it voluntarily froze $225 million in USDT linked to human trafficking groups in Southeast Asia. This action marked the "largest-ever freeze of USDT" and showcased Tether's commitment to preventing unlawful use of its stablecoin.
Additionally, Tether's involvement in seizing $9 million in assets stolen in pig butchering scams further demonstrates its cooperation with the DOJ and U.S. Secret Service. USDT, has recently reached an impressive market valuation of $90 billion, standing out among the 11,000-plus digital assets.
Tether's commitment to compliance and its proactive stance against illegal activities underscores its significance in the evolving landscape of cryptocurrencies. This recent move further solidifies its dedication to ensuring a secure and regulated environment for its users, despite the challenges posed by various sanctions and restrictions.
