According to an email from Tether shared by Cake DeFi CEO Julian Hosp, Tether has modified its terms of service (ToS) to prohibit certain customers from redeeming USDT. “Companies controlled by other entities, directors and shareholders residing in Singapore are no longer allowed to become Tether customers; as the account is controlled by another company resident in Singapore, the account will no longer be allowed to be issued or redeemed from the platform." Some users said that Tether’s recent modifications to ToS occurred in the context of Singapore’s largest cryptocurrency money laundering scandal; but other users believed that this was a special case of Cake DeFi, a DeFi protocol marked as Enhanced Due Diligence (EDD). . Tether has yet to respond. (Cointelegraph)
Cake DeFi CEO received a notice from Tether banning USDT exchanges on the grounds that the account was controlled by a Singaporean company
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