With signicant but nonetheless small steps being taken around the globe in 2022, it's envisaged by the members of the GIBG that 2023 will see hugh sea changes in the cryptocurrency landscape. As always we aim to be at the forefront of these changes and challenges and are looking forward to being an integral part of this conference.
Amidst the pioneering cryptocurrency revolution, digital assets have emerged as a modern financial technology that has left regulators and governments struggling to understand it, never mind regulate it. Especially in such a fast-moving space, with innovations such as NFTs or DeFi Exchanges causing even more regulatory headaches.
The most basic regulatory compliance, especially in regards to the EU and still the UK, is of course Know Your Client and Anti-Money Laundering – known as KYC/AML. These procedures are a basic for all financial institutions, from banks to money transfer services to cryptocurrency exchanges. These basic checks help us at Open Exodus to avoid any illegal undertakings whilst reducing the risks associated with money laundering and terrorist activity.
Paolo Ardoino, the CTO of the stablecoin cryptocurrency Tether, (USDT), recently explained in a Twiiter thread attempts by major hedge funds to coordinate a short selling attack on Tether.
6/
— Paolo Ardoino (@paoloardoino) June 27, 2022
But as we always said, Tether had/has in fact >= 100% of the backing, never failed a redemption and all USDt are redeemed at 1$.
In 48 hours Tether processed 7B in redemptions, averaging 10% of our total assets, something almost impossible even for banking institutions.
