Bitfinex And Tether Settle NY Probe With $18.5M Fine And Ban

Law360 (February 23, 2021, 4:52 PM EST) -- Cryptocurrency companies Bitfinex and Tether will cease trading activities in New York and pay $18.5 million in penalties to settle a nearly two-year investigation into the companies' handling of an $850 million loss, the state's attorney general said Tuesday.

New York Attorney General Letitia James said Tether and iFinex, which operates trading platform Bitfinex, had misled investors about their financial reserves and their response to an $850 million loss stemming from Bitfinex's partnership with a payment processor.

"Bitfinex and Tether recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines," James said in...

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