Tether Adjusts Service Terms in Singapore
Tether changes its rules in Singapore, affecting how users can use its popular USDT coin. This follows a major money scandal in the region.
Tether, the company behind the popular USDT stablecoin, has updated its terms of services (ToS) in Singapore. The CEO of the decentralized finance protocol, Cake, revealed the changes on Sept. 25, indicating some users can't exchange USDT for USD anymore.
Dr. Julian Hosp, CEO of Cake Group, shared the news on social media platform X (previously Twitter). The email from Tether informed them of the recent ToS change and hinted at potential challenges for users in Singapore wanting to redeem USDT.
Tether's updated ToS states that certain companies and individuals in Singapore cannot be their customers. The phrase “controlled by another entity” in the new terms puzzled many, including Cake DeFi. They were told their control by another Singaporean corporation meant they couldn't use Tether's platform.
The timing of these changes is notable. Some on X linked them to a big crypto money laundering case in Singapore, where seized assets have risen to over $2 billion. Another perspective suggests the issue might be specific to Cake DeFi, as they might require special due diligence.
