In recent years presentationTether (USDT) and sister company Bitfinex declared their decision to withdraw their opposition to a New York Freedom of Information Act (FOIL) request filed by a group of journalists, including Bloomberg Businessweek’s Zeke Faux.
that much FOIL request It involves Tether and Bitfinex agreeing to pay an $18.5 million fine with the New York Attorney General (NYAG) to resolve a two-year lawsuit over alleged commingling of $850 million in customer and company funds.
the company behind largest stablecoin Based on trading volume, Tether said it has demonstrated its commitment to transparency through past actions, including withdrawing its opposition to a FOIL request submitted by CoinDesk earlier this year.
But the company said it was important to make clear that “transparency does not mean indiscriminate disclosure of all documents.” Because this approach is inconsistent with standard business practices.
Tether and Bitfinex Choose Transparency Over Opposition
In particular, concerns have been raised about the nature of the most recent FOIL requests received by Tether and Bitfinex. specific behavior In a report showcased by concerned journalists including Zeke Faux, Shane Shifflett and Ada Hui, the company confirmed that it had decided not to appeal the request further.
Companies Also observed It’s “one-sided and inaccurate” reporting from various media outlets, including The Wall Street Journal and Bloomberg, whose journalists are participating in this FOIL request. As a result, Tether and Bitfinex aim to set higher moral standards and lead by example.
According to the announcement, Tether and Bitfinex’s commitment to transparency never compromises the responsible handling of business information.
The company is “open to constructive engagement” with journalists and regulators who adhere to ethical principles. reporting standards We respect data privacy boundaries.
Selective document disclosure
The Company emphasizes the importance of responsible document review and processing prior to disclosure. They emphasize that transparency should not be misunderstood as unrestricted disclosure of all documents.
Tether also announced that both companies a solid reputation We are committed to maintaining our position as the most transparent company in our industry. The company concluded:
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.
The two companies aim to set “higher moral standards within the industry,” emphasizing the importance of ethical reporting and data privacy while remaining open to constructive engagement.
Featured image from Shutterstock, chart from TradingView.com