Tether reportedly shuts USDT redemption for some Singapore customer groups

Tether, the largest stablecoin issuer behind USDT, has reportedly changed its presumption of services (ToS) successful Singapore. An email shared by the decentralized concern protocol Cake CEO connected Sept. 25 shows the changes to Tether's ToS prohibiting definite lawsuit basal from redeeming USDT.

The CEO of Cake Group Dr. Julian Hosp took to societal media level X (formerly Twitter) to stock the email received from Tether informing that they cannot redeem USDT for USD owed to the changes successful the ToS of the stablecoin issuer conscionable 1 time ago.

Ok, so, I won't beryllium capable to archer you if redeeming $USDT into $USD is really possible, owed to being successful #Singapore, which was a caller alteration to the @Tether_to ToS from 1 time to another. Interesting. pic.twitter.com/1YzNqkbjMO

Hosp successful his X station noted that based connected the caller mail, they are not definite whether they would beryllium capable to redeem USDT into USD owed to being successful Singapore.

The cardinal changes to the ToS of Tether see restricting its onboarding standards and “corporates controlled by different entity, directors, and shareholders residing successful Singapore are nary longer permitted to beryllium Tether customers."

The word “controlled by different entity” confused galore successful the crypto assemblage including Cake DeFi which was informed that they “are controlled by different corp successful Singapore. Accordingly, you volition not beryllium permitted to beryllium issued oregon redeemed from the platform."

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Many users connected X pointed retired that the caller alteration successful ToS by Tether comes amid 1 of the largest crypto wealth laundering scandals successful Singapore wherever the assets seized from the bust person swelled to implicit $2 billion.

Another idiosyncratic noted that the changes successful the USDT redemption word could beryllium a Cake DeFi-specific occupation noting that the DeFi protocol is flagged arsenic enhanced owed diligence (EDD) and frankincense it could beryllium a concern contented betwixt the 2 firms.

This could beryllium a @cakedefi contented specifically. It’s flagged arsenic EDD - enhanced DD. I’m not suggesting thing is incorrect astatine Cake, conscionable that it could beryllium circumstantial tether / barroom narration issues.

Cointelegraph reached retired to Tether to corroborate the email shared by the Cake radical COO and enquired astir changes successful its ToS but has not yet received a response.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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