November 24th Tether and Bitfinex agreed to withdraw their opposition to the FOIL request.
announcement
Tether and Bitfinex place a high value on transparency, a core principle of the cryptocurrency industry. Our commitment to transparency has been evident through past actions, such as Tether withdrawing its objection to a New York Freedom of Information Act (FOIL) request filed by Coindesk earlier this year. However, it is important to be clear that transparency does not mean wholesale disclosure of all documents. This approach is inconsistent with standard business practices.
Despite the concerns raised regarding the nature of the most recent NY FOIL requests received by Tether and Bitfinex, particularly in light of the specific behavior exhibited by the journalists who made those requests, including Zeke Faux, Shane Shifflett, and Ada Hui, we It is clear that Bitfinex will not appeal this FOIL request any further. Our decisions are rooted in our unwavering commitment to transparency and the belief that we have nothing to hide.
Zeke Faux’s previous work on Tether and Bitfinex has at times extended beyond the boundaries of professional journalism, and we have also cited one-sided and inaccurate reporting from a variety of media outlets, including the Wall Street Journal and Bloomberg, whose journalists are participating in this FOIL request. I observed. Our goal is to set higher moral standards and lead by example.
Our commitment to transparency never compromises our commitment to handle business information responsibly. We are open to constructive engagement with journalists and regulators that adhere to ethical reporting standards and respect data privacy boundaries. We also believe that responsible document review and processing prior to disclosure is essential and emphasize that transparency does not equate to unrestricted public disclosure of all documents.
Both Bitfinex and Tether have established themselves as the most transparent companies in the industry, and we are committed to maintaining that reputation. Our decision not to appeal this FOIL request reinforces our commitment to responsible business practices and transparency.