Tether and Bitfinex Announce Withdrawal of FOIL Request Opposition

In a recent announcement, Tether (USDT) and Bitfinex have revealed their decision to withdraw opposition to a New York Freedom of Information Law (FOIL) request filed by journalists, including Zeke Faux from Bloomberg Businessweek.

The FOIL request is related to Tether and Bitfinex’s agreement with the New York Attorney General (NYAG) to pay an $18.5 million fine settling a two-year lawsuit over the alleged mixing of $850 million of customer and company money.

Tether’s Transparency Efforts

The company behind the largest stablecoin by trading volume stated that Tether had demonstrated its dedication to transparency through past actions. However, they specified that “transparency does not imply an indiscriminate release of all documents,” as this approach would not align with standard business practices.

Tether And Bitfinex Choose Transparency Over Opposition

The companies have affirmed their decision not to appeal the request further after concerns have emerged regarding the nature of the most recent FOIL request. This decision was made despite general concerns about the journalists involved and certain behaviors.

Additionally, the companies noted “one-sided and inaccurate” reporting from various media outlets, including the Wall Street Journal and Bloomberg, whose journalists participate in this FOIL request. Consequently, Tether and Bitfinex aim to set a higher moral standard and lead by example.

Selective Document Disclosure

The companies emphasize the importance of responsible document review and handling before any public disclosure, highlighting that transparency should not be misconstrued as unrestricted public release of all documents.

Furthermore, Tether stated that both companies are steadfast in their reputation as the most transparent companies in their respective industries, and they are committed to upholding this standing. Both Bitfinex and Tether stand as the most transparent companies in their industries, and they are committed to maintaining this reputation.

See also  El Salvador Marks 2 Years of Bitcoin as Legal Tender

In Conclusion

The companies aim to set a “higher moral standard within the industry,” remaining open to constructive engagement while emphasizing the importance of ethical reporting and data privacy. This includes maintaining a commitment to both responsible business practices and transparency.

### News source: bitcoinist.com

By Team