Stablecoin issuer agrees to settle lawsuit over ‘deceptive’ trading practices
New York attorney general accuses Tether of lying about the backing of its crypto asset with US dollars
The firm behind the stablecoin tether and sister company Bitfinex have settled a lawsuit with the New York Attorney General’s Office (NYAG) over allegations of deceptive trading practices.
On February 23, Tether agreed to pay a fine of $18.5 million to the state of New York, cease trading with New Yorkers, and increase transparency over the pool of US dollars backing its crypto asset.
In a statement, Tether and Bitfinex stressed they “admit no wrongdoing”, adding they agreed to settle the case
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