Tether is confused in Singapore

Tether’s chief technology officer Paolo Ardoino has taken to X (formerly Twitter) to defend his company against accusations that it has recently cut off Singapore from redemptions. He highlighted the fact that the firm’s terms of service point out that it cut off redemptions in the country in May 2020.

Julian Hosp, the current CEO of Cake DeFi, the founder of the failed ICO TenX, and a former participant in the alleged Ponzi scheme Lyoness, has taken to X to express his displeasure that his company is unable to use Tether because it was ultimately under the control of a Singaporean entity. 

Ardoino also claimed that those who rushed to cover the years-old changes were ‘spreading FUD.’ 

However, records reviewed by Protos related to the issuance and redemption of USDT show that the company continued to interact with Singaporean entities after May 2020.

UQPAY, a Singapore-based payment processor, appears to have been able to issue USDT on May 14 and May 18, 2020. More interestingly, at least one of these issuances appeared to be to an address that was also used by Renrenbit, another Singapore-based entity connected to financial criminal, Bitfinex shareholder, and Tether partner Zhao Dong.

Read more: Tether executives have brushed shoulders with crime since its inception

This demonstrates that Tether was willing to continue interacting with entities in Singapore, even after it changed its terms of service.

Recently, a more-than-$1 billion money laundering ring that used USDT to hide illegal gambling proceeds was busted in Singapore.

Protos has reached out to Tether to determine at what point it truly cut off clients from Singapore and will update if we hear back.

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