Tether and Chainalysis: A New Stage in the Fight against Illegal Use of USDT
Date: 2024-05-03 Author: Gabriel Deangelo Categories: BUSINESS
Stablecoin issuer Tether has announced a partnership with analytics company Chainalysis to more effectively control and monitor transactions in the secondary market.
Tether announced a strategic partnership with Chainalysis to strengthen measures against illegal use of USDT in the secondary market. According to the statement, the company will use various monitoring tools, including sanctions tracking, address categorization and analysis of the largest wallets, to identify potentially risky transactions.
Partnership for Transparency
Tether CEO, Paolo Ardoino, emphasized that this partnership reflects the company's commitment to ensuring transparency and security in the crypto industry. The collaboration with Chainalysis reaffirms Tether's commitment to high standards of integrity and strengthens their proactive approach to protecting the ecosystem from criminal activity.
Cooperation with Law Enforcement Agencies
In addition, Tether highlighted its collaboration with 124 law enforcement agencies in 43 jurisdictions around the world, which promotes effective data sharing and combating illegal activities in the industry.
Response to Regulatory Pressure
Tether's move comes amid increasing regulatory pressure in various countries. The network is expected to tighten measures to control the use of cryptocurrency to circumvent sanctions, especially after information emerged that Venezuela is using USDT to circumvent US sanctions.
Freezing Addresses and Fighting Crime
Tether representatives have confirmed their intentions to freeze addresses that are subject to OFAC and continue to actively combat the illicit use of USDT. These actions affirm Tether's position as a responsible issuer and set security benchmarks in the cryptocurrency industry.
Analyst Results
Earlier, TRM Labs analysts noted that USDT remains one of the most popular stablecoins for illegal transactions with cryptocurrencies. This highlights the importance of the new controls and monitoring measures being implemented by Tether and their partners to prevent criminal activity and ensure security in the industry.
