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Tether Appoints BMO Anti-Money Laundering Manager as Chief Compliance Officer

Cryptocurrency startup Tether Limited has appointed a former AML Quality Control Manager on the Bank of Montreal (BMO) to guide the corporate’s regulatory compliance efforts, in line with a press release published July 12.

The corporate in the back of cryptocurrency Tether (USDT) has employed Leonardo Real as Chief Compliance Officer. Real used to be prior to now liable for organising practices, insurance policies, and procedures in response to regulatory necessities to beef up the standard of Canadian BMO’s anti-money laundering (AML) investigations. Additionally, Real has revel in dealing in shares and futures buying and selling. Real commented at the new appointment:

“I stay up for serving to exhibit Tether’s dedication to transparency and regulatory compliance throughout the blockchain and cryptocurrency house. As an established suggest of blockchain era and the combination of cryptocurrencies into the mainstream, I’m taking a look ahead to striking my revel in in AML and regulatory compliance in conventional monetary establishments to make use of, to make certain that the Tether mission can proceed its paintings disrupting conventional industries.”

Tether used to be based in 2014 as “the first” blockchain-powered platform which permits the tokenization of fiat-backed virtual currencies. Last month, regulation company Freeh Sporkin & Sullivan LLP conducted an unofficial audit of Tether’s accounts, the place it used to be found out that USDT did certainly have sufficient finances to again each and every token 1:1 with the U.S. buck. The query of whether or not Tether may just again all of its tokens with greenbacks used to be prior to now the topic of a few complaint and controversy.

After the e-newsletter of a find out about carried out by way of analysts from the University of Texas, Tether fell under further suspicion for Bitcoin (BTC) value manipulation in 2017 when the BTC value surged to all-time highs round $20,000. The paper claims that “purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices.”

Today an Australian cryptocurrency trade bitcoin.com.au hired former consulting large PricewaterhouseCoopers (PwC) government Ben Ingram as its new CEO. Prior to becoming a member of the trade, Ingram held the placement of director in control of virtual technique at “Big Four” auditor PwC. Ingram’s paintings at bitcoin.com.au will come with each making improvements to the trade’s buying and selling capability and specializing in increasing crypto-based monetary merchandise into the standard marketplace house.

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