Tether recently completed a landmark deal in the Middle East, marking a significant step in USDT adoption. Its investment arm, Tether Trade Finance, announced the funding of the first USDT-based transaction for crude oil in the region. The completion of this transaction in Oct. 2024 made it possible for the lifting and export of 670,000 barrels of crude oil worth around $45 million.
Tether freezes over $2B in illicit assets
Alongside this announcement, Tether made strides in law enforcement collaboration. In a separate release, Tether revealed its support for the Ontario Provincial Police (OPP) in a recent case involving stolen cryptocurrency.
Tether joined hands with the OPP Cyber Investigations Team to freeze the stolen funds and, thus, the stolen assets couldn’t be moved. As a result of this operation, around $10,000 CAD in digital currency got back to the person who had been previously deprived of them. This has demonstrated that the company is ready to cooperate with law enforcement officers.
Detective Staff Sergeant Addison Hunter of the OPP acknowledged Tether’s role, stating that the swift asset recovery was due to Tether’s proactive cooperation. Additionally, Tether’s CEO, Paolo Ardoino, said:
We are honored to have worked with the OPP and stand ready to work alongside government agencies across the globe, providing the essential tools to hold bad actors accountable and, ultimately, support the victims.
Throughout the years, Tether has significantly developed regulatory alignment and cooperation with law enforcement agencies across the globe. Through collaboration with over 195 agencies in 48 different jurisdictions, the company secures over two billion dollars of illicit assets. This course of action is Tether’s evincive of transparency, observance, and protection in their efforts towards a healthy digital economy.
Bridging between the traditional and digital finance of today while supporting law enforcement continues to build trust in Tether within the industry. Its efforts drive home a dual mission to simultaneously enable financial innovation while protecting users and maintaining market integrity.
