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Tether has blacklisted five wallets holding 54.1 million USDT, amidst increasing regulatory scrutiny and past enforcement actions.
Tether Blacklists Five Wallets Holding 54.1 Million USDT Amid Ongoing Regulatory Scrutiny
Tether, the corporation that created the world's most well-known stablecoin, has blacklisted five unknown wallets that received a total of 54.1 million USDT.
The most recent transfer, seen two days ago, came from a wallet that had already disbursed the majority of its cash to other wallets during the previous six months, according to Arkham Intelligence.
This is not the first time Tether has cracked down on addresses associated with criminal activities. Tether previously froze around 225 million USDT coins in conjunction with OKX and the United States. The Department of Justice (DOJ) conducted an investigation into an international human trafficking conspiracy linked to a romantic fraud in Southeast Asia.
In response to growing regulatory scrutiny, Tether has actively screened its users for compliance and blacklisted wallets associated with suspect behavior, as per U.Today.
Kraken Considers Delisting Tether Amid EU's Upcoming MiCA Regulatory Framework
In another development, Bloomberg reported that Kraken, a cryptocurrency exchange, is considering removing Tether (USDT) from its platform to comply with the upcoming regulatory framework specified in the European Union's Markets in Crypto Assets (MiCA), which is slated to go into effect in July of this year.
Kraken is presently considering potential options, including dropping support for Tether, the most heavily traded cryptocurrency on its platform in the European Union. The impending regulations stated in MiCA are expected to have an influence on Tether Holdings Ltd.'s USDT, a stablecoin meant to maintain a one-to-one value to the dollar.
The European Banking Authority is set to finalize recommendations that would impose restrictions on stablecoins issued to investors in the region. Stablecoins are primarily used by traders to facilitate the movement of digital assets between exchanges and to protect wealth from token price swings.
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