Friday, November 2, 2018
A Breakthrough? Tether has a new Bahamas-based bank
Tether announced today that it had opened a $1.8 billion bank account in the Commonwealth of The Bahamas at Deltec Bank & Trust Limited.
According to Tether – that has a long history of scandals, as well as a vast number of recent negative events -, the bank accepted the company as a client after a successful due diligence review of the stablecoin issuer.
Tether stated that the financial institution’s review included an analysis of the company’s compliance processes, policies and procedures, a full background check of the shareholders as well as ultimate beneficiaries and officers of the firm, and assessments of Tether’s treasury management policies and the ability to maintain the USD-peg at any moment. Read more >>