Crypto
Tether and Bitfinex Withdraw Opposition to FOIL Request, Emphasize Commitment to Transparency
courtesy of bitcoinist.com
Transparency and Responsibility
Tether (USDT) and Bitfinex have announced that they will no longer oppose a New York Freedom of Information Law (FOIL) request filed by a group of journalists. The request relates to the companies' agreement with the New York Attorney General to pay an $18.5 million fine to settle a lawsuit over alleged mixing of customer and company funds. Tether has emphasized its dedication to transparency but also highlighted the importance of responsible document review and handling before public disclosure.
Setting a Higher Moral Standard
Despite concerns about the nature of the FOIL request and the behavior of the journalists involved, Tether and Bitfinex have decided not to appeal the request further. The companies have also expressed their disappointment with what they consider to be "one-sided and inaccurate" reporting from media outlets, including the Wall Street Journal and Bloomberg. Tether and Bitfinex aim to set a higher moral standard and lead by example in their commitment to transparency.
Open to Constructive Engagement
Tether and Bitfinex are open to engaging with journalists and regulatory authorities who adhere to ethical reporting standards and respect data privacy boundaries. The companies stress the importance of responsible document review and handling before any public disclosure. They want to clarify that transparency does not mean an unrestricted release of all documents and that they remain committed to upholding their reputation as the most transparent companies in their respective industries.
Both Bitfinex and Tether stand as the most transparent companies in their industries, and we are committed to maintaining this reputation. Our decision to not appeal this FOIL request reinforces our commitment to both responsible business practices and transparency.
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.
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