The Commodity Futures Trading Commission (CFTC) simultaneously filed and settled charges against Tether and Bitfinex today, ordering the sister companies to pay fines totaling $42.5 million.
The CFTC’s announcement said Tether made “untrue or misleading statements and omission of material fact” related to its stablecoin, USDT. Tether falsely claimed that USDT was fully backed by U.S. dollars, according to the CFTC. The order requires the firm to pay a penalty of $41 million.
Meanwhile, the CFTC charged parent firm iFinex for misdeeds related to its crypto exchange, Bitfinex. The order finds Bitfinex engaged in “illegal, off-exchange retail commodity transactions” and additionally operated as a futures commission merchant (FCM) without registering with the regulator. Consequently, Bitfinex will pay a $1.5 million fine and be required to implement and maintain “additional systems reasonably designed to prevent unlawful retail commodity transactions.”
Stuart Hoegner, Bitfinex’s genera
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