Last Updated on December 13, 2023 by COINBUZZFEED
Tether, has revealed its latest initiative geared towards fortifying the cryptocurrency ecosystem. The company’s announcement on December 9, 2023, highlighted a strategic decision made on December 1, 2023, to introduce a voluntary wallet-freezing policy. This new policy specifically targets activities associated with individuals listed on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List.
Tether’s Proactive Approach to Security
As part of its ongoing commitment to creating a secure and reliable environment for users globally, Tether is implementing this proactive measure to complement existing security protocols. The company plans to extend its Sanctions controls, already enforced for wallets on its platform, to the secondary market. This move is a concerted effort to collaborate more closely with global regulators and law enforcement agencies in the ongoing mission to safeguard stablecoin usage.
Freezing Wallets on the SDN List: A Preemptive Security Measure
In line with this new policy, Tether has taken additional precautionary steps, including the freezing of wallets previously added to the SDN List. The primary objective behind this approach is to proactively prevent any potential misuse of Tether tokens and enhance overall security measures within the cryptocurrency ecosystem.
Paolo Ardoino, the CEO of Tether, emphasized the strategic nature of this decision, stating, “This strategic decision aligns with our unwavering commitment to maintaining the highest standards of safety for our global ecosystem and expanding our close working relationship with global law enforcement and regulators.”
CEO Ardoino’s Vision for a Secure Cryptocurrency Future
Paolo Ardoino remains resolute in Tether’s mission to prioritize user security. He looks forward to the positive impact this policy will bring to Tether’s growing community, raising the standard yet again for the entire cryptocurrency industry. “By executing voluntary wallet address freezing, we will be able to further strengthen the positive usage of stablecoin technology and promote a safer stablecoin ecosystem for all users,” Ardoino stated.
