Tether CTO Cites FUD as Community Criticises Terms of Service

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.”

The screenshot shows Singapore has been one of the prohibited jurisdictions for Tether since 2020. Source: X (Twitter)

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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A screenshot of an email from Tether shared by Cake DeFi CEO. Source: X (Twitter). Tether terms of service
A screenshot of an email from Tether shared by Bake CEO. Source: X (Twitter)

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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Do you have anything to say about Tether’s terms of service, USDT, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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