New York Attorney General Letitia James has required Bitfinex and Tether to stop trading in New York, according to a statement today. Bitfinex and Tether is paying $18.5 million to settle with the NYAG.
“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said Attorney General James. “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.
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Original Source: decrypt Bitfinex, Tether Must Stop Trading in New York and Pay .5 Million Fine