- Tether strengthens security with a new policy targeting sanctioned individuals’ activities.
- Proactive measures include freezing wallets linked to OFAC’s SDN List.
- Tether CEO Paolo Ardoino emphasizes commitment to safety in the crypto ecosystem.
Tether, a leading player in the stablecoin industry, has unveiled a groundbreaking initiative to bolster the security of the crypto ecosystem. The company’s latest move involves the implementation of a voluntary wallet-freezing policy, specifically targeting activities associated with individuals sanctioned by the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List.
In a bid to fortify the overall security and reliability of its platform, Tether has gone beyond its existing security protocols, introducing this proactive measure to the secondary market. By extending its Sanctions controls to wallets on the secondary market, Tether aims to enhance collaboration with global regulators and law enforcement agencies, fostering a secure environment for stablecoin users worldwide.
Adhering to this new policy, Tether has taken precautionary steps, including freezing wallets that were previously added to the SDN List. The primary objective is to preemptively curb any potential misuse of Tether tokens, reinforcing security measures across its ecosystem.
Paolo Ardoino, CEO of Tether, emphasized the strategic nature of this decision, aligning with the company’s commitment to upholding the highest safety standards.
Ardoino states, “By executing voluntary wallet address freezing of new additions to the SDN List and freezing previously added addresses, we will be able to further strengthen the positive usage of stablecoin technology and promote a safer stablecoin ecosystem for all users.”
Tether remains unwavering in its dedication to user security and anticipates that this new policy will have a positive impact on its expanding community, setting higher standards for the entire crypto industry.
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