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An unprecedented move saw Tether defying OFAC’s (Office of Foreign Assets Control) sanctions. The organization went against the rule, citing that the latter didn’t indicate that a stablecoin issuer should freeze secondary market wallets.
Therefore, Tether took its stand and favored not to freeze sanctioned Tornado Cash wallets. Moreover, the organization tweeted about its decision-making to its over 287K followers.
What’s All This About?
Tether’s official statement had the organization emphasizing that they have complied with several regulatory & law enforcement officers. Moreover, they’ve been highly punctual in providing information and solutions.
Also, Tether revealed that no regulatory agency approached its organization requesting freezing of assets in secondary market addresses. The crypto company justified its view and ensured that individuals recognized the firm complies with all regulations.
Nevertheless, Tether also said that freezing accounts might amplify volatility & uncertainty within the cryptocurrency market. The firm revealed examples of law enforcement asking them to avoid freezing the addresses of some individuals. They had suspected these individuals of criminal activities.
Moreover, the Tether team criticized USDC’s move to freeze addresses, calling the decision premature. Meantime, Tether has seen positive social media reactions following the step. Most individuals applauded Tether’s stance.
Also, the move shed light on its stablecoin USDT. The token enjoyed increased social media chatter. However, this is not the only event that ensured popularity on USDT within the past few days.
Binance crypto exchange was to de-list USDT but has delayed the move (at the moment). Moreover, most individuals have termed this a bullish signal. The event has also restored hope in stablecoins. Binance is yet to specify the reason behind the de-listing postponement.
Meantime, the crypto market remains down, with brief price upticks over the past few hours. Meanwhile, most assets recorded declines within the last 24 hours. While publishing this blog, the overall cryptocurrency market capitalization stood at $1.03 trillion, dropping 1.28% since yesterday. The total market volume noted a 0.11% 24hr increase to $67.42 billion at press time.
Bitcoin has gained 1.73% over the past hour as it tries to recover losses seen within the past day. Nevertheless, the upcoming market direction remains clear, with indications supporting bearish actions.