Tether (USDT), a stablecoin issuer, has made alterations to its terms of service (ToS) in Singapore. According to an email by Julian Hosp, CEO, Cake DeFi, a decentralised finance protocol, the adjustments have resulted in the company’s ToS preventing certain customer bases from Tether redemption, as stated by Cointelegraph.
According to Cointelegraph, Hosp expressed his uncertainty over whether Cake could ensure USDT’s redemption into US dollars because of being situated in Singapore. “Tether has a meticulous onboarding process which is in full compliance with global regulations, including the guidelines set forth by Singapore regulators. This commitment to compliance is unwavering and remains a cornerstone of our platform,” a Tether spokesperson stated.
Based on Cointelegraph’s data, main Tether-based changes are prevention of its onboarding protocols and “corporates controlled by another entity, directors, and shareholders residing in Singapore are no longer permitted to be Tether customers.” From what it’s understood, the phrase “controlled by another entity” puzzled crypto community individuals, along with Cake DeFi. Paolo Ardoino, CTO, Tether, highlighted through a mail that the questioned policy alteration has been applicable since 2020.
Moreover, Cointelegraph noted that X users specified that the ToS changes have arrived during a crypto money scandal happening in Singapore. Reportedly, assets snatched from the scandal have totalled to more than two billion dollars.
(With insights from Cointelegraph)
