<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/tethers-new-rules-in-singapore-what-it-means-for-crypto/">Tether’s New Rules in Singapore, What It Means for Crypto?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Tether, a major player in stablecoins, has resumed lending USDT despite earlier promises to stop. This has raised worries in the crypto community about the risks tied to Tether’s strong influence in the stablecoin market. Is Singapore becoming the next US in suppressing crypto freedom? Let’s discuss the Tether FUD in Singapore.&nbsp;</p> 
<p>Tether has made a surprising move to safeguard its network and users by modifying its terms of service (ToS) in Singapore. This alteration restricts specific customer bases from redeeming their Tether holdings for US dollars, sending ripples of concern and confusion to the cryptocurrency community.&nbsp;</p> 
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   <p lang="en" dir="ltr">An email from Tether shared by Cake DeFi CEO shows: Tether has modified its terms of service, corporations controlled by another entity, directors, and shareholders residing in Singapore are no longer permitted to be Tether customers. It is uncertain whether it is related to the… <a href="https://t.co/rkPa7SeuDo" rel="noopener noreferrer nofollow">pic.twitter.com/rkPa7SeuDo</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1706250980260798821?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 25, 2023</a> 
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<h2 class="wp-block-heading" id="h-only-specific-users-can-redeem-tether-tokens"><strong>Only Specific Users Can Redeem Tether Tokens</strong></h2> 
<p>Dr. Julian Hosp, CEO of Cake Group, is the first to reveal Tether’s terms of service (ToS) on the X platform. He personally encountered the impact when trying to convert USDT to USD, facing unexpected restrictions outlined in an email from Tether. These altered ToS introduce tighter onboarding rules, particularly affecting specific customer groups. Corporations controlled by external entities, directors, and shareholders residing in Singapore are prohibited from being Tether customers.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-how-s-crypto-reacting-strong"><strong>How’s Crypto Reacting?</strong></h2> 
<p>The dictatory phase “controlled by another entity” has raised debates due to its ambiguous meaning. However, it has led to many questions and discussions within the crypto community. Some speculate if these changes are connected to a recent money laundering case in Singapore, while others seek clarity on customer eligibility criteria. This level of adjustment in Tether’s ToS is creating a complex scenario, with particular focus on how it impacts customers in Singapore and its broader implications for the cryptocurrency landscape.&nbsp;</p> 
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 1 month after the massive money laundering bust in Singapore, Tether restricts customers in Singapore<br><br>Crypto firms have flocked to SG recently for friendlier regs. This could be a huge blow <br><br>W/ the HKG crackdown, the gates to Asia are closing for the crypto cartel <a href="https://t.co/yVu79bJHgb" rel="noopener noreferrer nofollow">https://t.co/yVu79bJHgb</a></p>— Rho Rider (@RhoRider) <a href="https://twitter.com/RhoRider/status/1706214908143231332?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 25, 2023</a> 
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<p>Some people have even decided to use different stablecoins instead because they’re unsure if they can trust Tether. This all heightened after the high-profile money laundering cases in Singapore. 10 Chinese individuals’ passports have been revoked, and many are under the radar, like banks, real estate agents, precious metal dealers, and even golf clubs, in connection with the case.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-tether-s-response-to-the-changing-terms-strong"><strong>Tether’s Response to the Changing Terms</strong></h2> 
<p>In response to these claims, Tether’s CTO, Paolo Ardoino, clarified that Singapore has been listed as a “Prohibited Jurisdiction” since 2020, along with countries like Cuba, North Korea, Iran, Pakistan, Syria, the Government of Venezuela, and Crimea.&nbsp;</p> 
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   <p lang="en" dir="ltr">Before spreading FUD it would be great if you guys did take a look at webarchive… This is Jan 2022….<br>And if you open the link below: Last updated: May 12, 2020…<br>Again, take a moment to search and verify information before YOLO posting.<a href="https://t.co/dMbDCxwbdu" rel="noopener noreferrer nofollow">https://t.co/dMbDCxwbdu</a> <a href="https://t.co/K7ugOrZMNs" rel="noopener noreferrer nofollow">https://t.co/K7ugOrZMNs</a> <a href="https://t.co/NPnitUBbpY" rel="noopener noreferrer nofollow">pic.twitter.com/NPnitUBbpY</a></p>— Paolo Ardoino 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f350.png" alt="🍐" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@paoloardoino) <a href="https://twitter.com/paoloardoino/status/1706263233928061126?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 25, 2023</a> 
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<p>As of writing, Tether is trading at $1.00, showing no change over the past 24 hours. However, its trading volume is up by 62%, reaching $17.36 billion. This incident has highlighted the intricacies and potential challenges surrounding stablecoin regulations in different jurisdictions.&nbsp;</p> 
<p>Does Singapore’s too much crypto involvement scare the new companies looking for their base outside the US?</p>

Tether’s New Rules in Singapore, What It Means for Crypto?

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