Tether announces delays in completion of full financial audit | Crypto

Tether announces delays in completion of full financial audit

-Tether has shifted the date for its full financial audit by months, according to chief technology officer Paolo Ardoino.
-Questions have long surfaced about whether or not the popular stablecoin can prove that it has the fiat currency backing the Tether stablecoin.
-Although Tether has pledged to disclose its reserves for more than 5 years, it has yet to deliver on the promise, sparking more questions from customers and regulators and exacerbating concerns about the firm’s lack of transparency.
-So far, it has failed to provide a full financial audit and only provides periodic attestations each quarter, as mandated by a settlement with the New York Attorney General’s Office.
-The office slapped the firm (and crypto exchange Bitfinex, which is owned by Tether’s parent company iFinex) with a $18.5 million fine in 2021. The firm is currently prohibited from operating in New York state.
-By 2023, the company says it will release attestations on a monthly basis.
-The most recently available report from June 2022 shows that Tether and its subsidiaries had consolidated assets valued at nearly $66.4 billion, with $66.2 billion in liabilities.

adobestock 500758871 editorial use only 1 Tether announces delays in completion of full financial audit

Leave a Reply

%d bloggers like this: