Tether has addressed confusion over whether it has changed its terms of service (ToS) in Singapore. The company was responding to the CEO of Cake who claimed Tether was restricting its onboarding standards.
The controversy started with Dr. Julian Hosp, the CEO of Cake DeFi, sharing a screenshot of an email from Tether. The email mentioned that the company had changed its onboarding standards and would not allow corporates controlled by another entity, directors, or shareholders residing in Singapore to use its services.
Tether CTO Calls out FUD
However, Tether’s Chief Technology Officer (CTO), Paolo Ardoino, posted on X, clearing up the confusion regarding Tether’s terms of service for Singapore firms. He wrote:
“Before spreading FUD it would be great if you guys did take a look at webarchive… This is Jan 2022….
And if you open the link below: Last updated: May 12, 2020…
Again, take a moment to search and verify information before YOLO posting.”
Indeed, the web archives from the official website of Tether show that Singapore has already been a prohibited jurisdiction since 2020. And the development is not a recent change to Tether’s terms of service.
Bake is a decentralized finance (DeFi) platform that promises stable yields on crypto investments. Dr. Hosp further wrote on X that they could not redeem USDT into USD due to the change from Tether’s side.
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The confusion led the community to fear the developments were due to a massive money laundering bust in Singapore. On Sept. 21, Reuters reported that Singapore police seized crypto worth S$38 million (approx. $27.8 million) during anti-money laundering raids.
Also, Singapore’s new President, Tharman Shanmugaratnam, is known for his anti-crypto stance. Hence, it stoked fearful sentiment further.
The reports about Tether’s change in terms of service may have been FUD. However, the company has been criticized recently for resuming lending services after promising to cut down the loans in 2023.
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