Tether's Policy to Freeze Venezuelan Addresses May Circumvent US Sanctions

IconCrypto News Terminal23 Apr, 2024

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Tether's Policy to Freeze Venezuelan Addresses May Circumvent US Sanctions

Tether, the world's largest stablecoin issuer, has implemented a policy to freeze addresses connected to Venezuela in an attempt to bypass US sanctions. This move has been met with criticism from some who believe it will unfairly target innocent Venezuelans, while others argue that it is a necessary step to prevent the misuse of Tether for illicit activities. The policy was announced in a blog post on May 4, 2024, and it went into effect immediately. Tether stated that it would freeze "any addresses that are linked to Venezuela, including those of individuals, businesses, and government entities." Previously on May 2, 2024, the US Treasury Department announced sanctions against Venezuela's state-owned oil company, PDVSA.

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