{"id":88625,"date":"2023-11-25T06:50:05","date_gmt":"2023-11-25T11:50:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tether-and-bitfinex-drop-opposition-to-foil-request\/"},"modified":"2023-11-25T06:50:08","modified_gmt":"2023-11-25T11:50:08","slug":"tether-and-bitfinex-drop-opposition-to-foil-request","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88625","title":{"rendered":"Tether and Bitfinex Drop Opposition to FOIL Request"},"content":{"rendered":"
\n

Stablecoin issuer, Tether, and cryptocurrency exchange, Bitfinex, have decided to drop their opposition to a Freedom of Information Law (FOIL) request made earlier this year by various news outlets.<\/p>\n

\u201cWe have nothing to hide\u201d<\/h2>\n

<\/span>
\u201cOur decision is rooted in our unwavering commitment to transparency and the belief that we have nothing to hide,\u201d the companies said in a joint statement released on Friday, November 24th.<\/p>\n

If granted, a FOIL request would provide access to specific records belonging to the cryptocurrency exchange and stablecoin issuer. Cryptonews.com has reached out to both Tether and Bitfinex for additional information pertaining to the details of the request.<\/p>\n

\u201cHowever, it\u2019s essential to clarify that transparency does not mean a wholesale release of all our documents,\u201d their statement continued. \u201cThis approach is not in line with standard business practices.\u201d<\/p>\n

Tether and Bitfinex call out journalists<\/h2>\n

<\/span>
The companies then called out a number of journalists, including Zeke Faux, Ada Hui, and Shane Shifflet, who lodged the FOIL request for \u201ccertain behaviors\u201d and highlighted their \u201cconcerns.\u201d In particular, the statement alleges that Faux\u2019s work \u201chas sometimes extended beyond the boundaries of professional journalism.\u201d However, the companies provided no explicit examples to support this claim.<\/p>\n

Additionally, the statement takes aim at both the Wall Street Journal and Bloomberg, calling the news organizations\u2019 reporting \u201cone-sided and inaccurate.\u201d<\/p>\n

\u201cOur goal is to set a higher moral standard and lead by example,\u201d continued the statement.<\/p>\n

However, the statement continues that both companies are open to working with journalists they deem \u201cadhere to ethical reporting standards and respect data privacy boundaries.\u201d<\/p>\n

\u201cWe also believe that responsible document review and handling is essential before any public release, and we stress that transparency does not equate to unrestricted public disclosure of all documents,\u201d the statement claims.<\/p>\n

History repeats itself<\/h2>\n

<\/span>
News of Tether and Bitfinex\u2019s decision to not oppose the FOIL request is not the first time this year a similar decision was made.<\/p>\n

In June, Tether dropped opposition to a FOIL request made by media company Coindesk regarding the terms of a 2021 settlement with the New York Attorney General\u2019s Office.<\/p>\n

After the state alleged the company moved around hundreds of millions of dollars in an attempt to hide nearly $850 million worth of commingled funds, Tether had to pay a $18.5 million fine as part of the settlement,<\/p>\n

\u201cTether has nothing to hide and we hold utmost confidence in the accuracy of our financial figures,\u201d the company said in a statement at the time.<\/p>\n

Both Tether and Bitfinex are owned by Ifinex Inc.<\/p>\n

\n
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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoin issuer, Tether, and cryptocurrency exchange, Bitfinex, have decided to drop their opposition to a Freedom of Information Law (FOIL) request made earlier this year by various news outlets. \u201cWe have nothing to hide\u201d \u201cOur decision is rooted in our unwavering commitment to transparency and the belief that we have nothing to hide,\u201d the companies […]<\/p>\n","protected":false},"author":1,"featured_media":88626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nTether and Bitfinex Drop Opposition to FOIL Request | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Stablecoin issuer, Tether, and cryptocurrency exchange, Bitfinex, have decided to drop their opposition to a Freedom of Information Law 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