Tether Singapore Prohibited Has Existed Since May 2020, Rejecting Recent Untrue Rumor

Tether Singapore Prohibited Affirmed by CTO Paolo Ardoino

Tether’s Chief Technology Officer, Paolo Ardoino, made a statement on the X platform, emphasizing that Tether had modified its services before May 12, 2020, including the prohibition of certain activities in Singapore. Cointelegraph initially reported that Tether had altered its terms of service (ToS) in Singapore, preventing select customer groups from converting USDT into U.S. dollars.

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.https://t.co/dMbDCxwbdu https://t.co/K7ugOrZMNs pic.twitter.com/NPnitUBbpY

— Paolo Ardoino 🍐 (@paoloardoino) September 25, 2023

Cake co-founder and CEO, Julian Hosp, shared an email from Tether, revealing the company’s decision not to redeem USDT for United States dollars due to changes in its ToS. The email further disclosed that corporations controlled by another entity, as well as directors and shareholders residing in Singapore, were no longer permitted to be Tether customers.

Changes in USDT Redemption Policies Unveiled

While it remains unclear whether these changes are related to recent money laundering cases in Singapore, Tether’s CTO, Paolo Ardoino, shed light on the broader scope of prohibited jurisdictions. Ardoino confirmed that Singapore had been on the list of prohibited jurisdictions since 2020, alongside Cuba, North Korea, Iran, Pakistan, Syria, the Government of Venezuela, and Crimea.

Tether’s updated policies reflect its commitment to compliance and regulatory standards in various jurisdictions, addressing concerns and ensuring clarity for its global user base.

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