Tether plays a crucial role in the dismantling of crypto exchanges suspected of money laundering

In a major joint operation led by Dutch and US authorities, Tether, the world’s largest stablecoin issuer, played a key role in shutting down 2 crypto exchanges suspected of large-scale money laundering. During the operation, as much as €7 million ($7.8 million) in cryptocurrency was seized and illegal wallets were frozen.

The Dutch Fiscal Intelligence and Investigation Service (FIOD) worked together with the National High Tech Crime Unit and the American Secret Service to close the Cryptex and Pm2btc exchanges. These exchanges were accused of laundering money derived from criminal activities, including ransomware attacks.

Tether actively involved by freezing suspicious assets

Tether announced that it was actively involved by freezing suspicious wallets and digital assets. With this, the company shows that it is strongly committed to the fight against financial crime. Chainalysis also supported the operation, which targeted exchanges that allowed criminals to convert cryptocurrencies into regular currencies.

Paolo Ardoino, CEO of Tether, emphasized his company’s commitment: “We strongly oppose any form of criminal use of digital assets and continue to work with law enforcement agencies worldwide to protect the security and integrity of the digital financial sector.”

Tether has now worked with more than 180 law enforcement agencies in 45 countries to freeze more than $1.8 billion in illicit assets. With a market capitalization of $119.49 billion, Tether remains the market leader in the stablecoin sector. Tether recently partnered with Tron and TRM Labs to further step up the fight against crypto crime and launch the T3 Financial Crime Unit (T3 FCU).