🧵 1/5 Tether, the stablecoin issuer, has reportedly restricted USDT redemption for certain customers in Singapore, according to changes in its Terms of Service. #crypto
🧵 1/5 Tether, the stablecoin issuer, has reportedly restricted USDT redemption for certain customers in Singapore, according to changes in its Terms of Service. #crypto
🧵 2/5 Cake DeFi CEO received an email from Tether stating that USDT cannot be redeemed for USD anymore, leaving uncertainty about redeeming USDT into USD for Cake DeFi, based in Singapore.
🧵 3/5 Tether's updated ToS prohibits certain customer bases, including corporates controlled by entities and directors/shareholders residing in Singapore, from being Tether customers.
🧵 4/5 Tether CTO refutes claims of policy change, stating it has been in effect since 2020. No explanation provided for Cake DeFi's early notification.
🧵 5/5 Speculation arises regarding potential partnership issues between Cake DeFi and Tether, with some suggesting Cake DeFi is flagged for enhanced due diligence.
🧵 Read more at: https://cointelegraph.com/news/tether-shuts-usdt-redemption-customer-groups-singapore