Cryptocurrencies: 5552 / Markets: 35026 Market Cap: 24h Vol:
Seeking Alpha
2021-02-23 13:19:49

Bitfinex, Tether will end virtual currency trading in New York

Bitfinex (BFX-USD) and Tether (USDT-USD) have been ordered to end all virtual currency trading activity with New Yorkers, according to the New York Attorney General's Office.The New York AG alleges that Bitfinex and Tether "deceived" clients and the market by overstating reserves and hiding about $850m in losses around the world.An agreement with Ifinex, the operator Bitfinex and Tether, will require the company to pay $18.5m in penalties and require a number to steps to increase "transparency."“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” NY AG Letitia James said in a statement. Earlier, Bitcoin sinks to $45K as crypto washout deepens.

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer