Chinese cryptocurrency exchanges facilitate 60% of all stablecoin tether (USDT) trading globally, according to an analysis by Diar on June 3. According to the report, Chinese exchanges in 2019 thus far account for over $10 billion in USDT trading. The United States, in contrast, is said to account for only $450 million of USDT traded. Global exchange giants Binance and Bitfinex reportedly account for close to the remaining amount of Tether traded, accounting for 31% of USDT activity. Additionally, the analysis concludes that the trading numbers are not misleading. According to their findings, a similar amount of sending and receiving …
Cryptocurrency exchange Bitfinex and crypto store Bitrefill partnered to allow the trading platform’s clients to shop with Bitcoin (BTC) over the Lightning Network. According to a press release published on Dec. 4, Bitfinex users can instantly pay for a variety of services with Bitcoin that they hold on the exchange as of today. A Lightning B2B settlement system Per the press release, the companies attribute the development to the “world’s first dynamic B2B settlement process over the Lightning Network.” The announcement builds on recent news that Bitfinex enabled Bitcoin Lightning Network transactions and that those using it for deposits and …
Two shareholders of major cryptocurrency exchange Bitfinex said that they are not distressed by the allegations made about the exchange’s insolvency by the New York Attorney General. The news was reported by cryptocurrency news outlet Coindesk on April 26. In January last year, Zhao Dong, a shareholder of the exchange, claimed on microblogging platform Weibo that the balance of Bitfinex and tether (USDT) reserves was over $3 billion, over the current USDT circulating supply. The balances were reportedly shown to Dong by Giancarlo Devasini, chief financial officer of Tether and Bitfinex. Dong concluded at the time: “This debunks all rumors …
Stablecoin operator Tether has responded to allegations that its funds were used to cover an $850 million loss at the crypto exchange Bitfinex — using a statement on April 26 to claim court filings by the New York Attorney General’s office are “riddled with false assertions.” The state’s top prosecutor, Letitia James, has accused Tether, Bitfinex and associated entities of violating New York law through activities that may have defrauded crypto investors in the state. According to the court filings, the exchange took hundreds of millions of dollars from Tether’s reserves to conceal losses from investors and hide its inability …
Popular stablecoin Tether has announced 1:1 redemptions of USDT to fiat, while affiliated crypto exchange Bitfinex added two new Tether-fiat trading pairs, according to announcements from both firms Tuesday, Nov. 27. Tether announced the direct redemption of Tether to fiat along with a major redesign of its platform for the verification of new customers. According to the official announcement, the update allows users to redeem their tokens on the Tether.to platform at a USDT to fiat ratio of 1:1. All Tether deposits and withdrawals are zero-fee, while fiat transfers are are subject to commissions. Tether customers will be limited to …