United

<p>The United Nations (UN) has warned about the increasing use of Tether’s USDT stablecoin for money laundering and scams in Southeast Asia. In a report, the UN expressed concerns about the prominent role that USDT has played in illegal activities, particularly in the region.</p>
<p>According to the UN report, online gambling platforms, especially those operating without proper authorization, have become hotspots for cryptocurrency-based money laundering activities. Tether’s USDT has emerged as a preferred choice for money launderers in this context.&nbsp;</p>
<p>This revelation underscores the need for heightened scrutiny of cryptocurrency transactions in the gaming industry, as illicit funds often flow through these platforms.</p>
<p>The UN’s <a href="https://www.ft.com/content/78c6ea20-5e9d-40ba-867f-1e0431ebb710" rel="noopener noreferrer nofollow" target="_blank">report</a> also highlighted the use of Tether’s stablecoin in underground fraud schemes, including the infamous “pig butchering” scams.&nbsp;</p>
<p>These romantic scams involve perpetrators deceiving victims and extracting money under pretenses. Tether’s involvement in such illicit activities has been a matter of concern, and the recent UN report further highlights the extent of its misuse.</p>
<h2 class="wp-block-heading" id="tether-s-collaboration-with-the-us-department-of-justice">Tether’s collaboration with the US Department of Justice</h2>
<p>In November, <a href="https://www.cryptopolitan.com/tether-ceo-celebrates-usdts-achievement/" rel="noopener noreferrer nofollow">Tether</a> made headlines when it revealed its collaboration with the U.S. Department of Justice in freezing approximately $225 million worth of USDT. These funds were linked to an international human trafficking group operating in Southeast Asia, responsible for the aforementioned pig-butchering scam.&nbsp;</p>
<p>Tether’s proactive involvement in assisting law enforcement agencies in such cases underscores its commitment to combating illicit activities associated with its stablecoin.</p>
<h2 class="wp-block-heading" id="disruption-of-money-laundering-networks">Disruption of money laundering networks</h2>
<p>The UN report also detailed various instances where law enforcement agencies have successfully disrupted money laundering networks involved in transferring illicit Tether funds.&nbsp;</p>
<p>One notable case occurred in August, when Singaporean authorities carried out an operation resulting in the dismantling a significant network. This operation led to the recovery of approximately $735 million in cash and cryptocurrency, highlighting the effectiveness of collaborative efforts in curbing illegal financial activities.</p>

Tether’s USDT stablecoin under scrutiny for money laundering and scams in Southeast Asia

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