CryptoMediaClub
Sunday, July 27, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Tether reportedly shuts USDT redemption for some Singapore customers

25.09.2023
A A
0
121
VIEWS
ShareShare

Stablecoin issuer Tether has reportedly changed its terms of service (ToS) in Singapore. An email shared by the CEO of decentralized finance protocol Cake DeFi on Sept. 25 shows changes to the company’s ToS prohibiting certain customer bases from redeeming Tether (USDT).

Cake co-founder and CEO Julian Hosp shared the email received from Tether, in which the company stated it cannot redeem USDT for United States dollars due to changes in its ToS.

Ok, so, I won't be able to tell you if redeeming $USDT into $USD is actually possible, due to being in #Singapore, which was a recent change to the @Tether_to ToS from one day to another. Interesting. pic.twitter.com/1YzNqkbjMO

— Dr. Julian Hosp (@julianhosp) September 25, 2023

In a post on X (formerly Twitter), Hosp stated that he is unsure whether Cake could redeem USDT into U.S. dollars due to being based in Singapore.

The key changes to the ToS of Tether include restricting its onboarding standards and “corporates controlled by another entity, directors, and shareholders residing in Singapore are no longer permitted to be Tether customers.“

The term “controlled by another entity” confused many in the crypto community, including Cake DeFi, which was informed that it is “controlled by another corporation in Singapore. Accordingly, you will not be permitted to be issued or redeemed from the platform.“

Tether CTO Paolo Ardoino refuted speculation around the mail calling it a FUD. Ardoino claimed the policy change in question has been applicable since 2020, however, Tether didn't answer to queries on why Cake DeFi was notified earlier in Sept. 25 about the same.

Before spreading FUD it would be great if you guys did take a look at webarchive… This is Jan 2022….
And if you open the link below: Last updated: May 12, 2020…
Again, take a moment to search and verify information before YOLO posting.https://t.co/dMbDCxwbdu https://t.co/K7ugOrZMNs pic.twitter.com/NPnitUBbpY

— Paolo Ardoino (@paoloardoino) September 25, 2023

Related: Singapore’s central bank slugs Three Arrows founders with 9-year ban

X users highlighted Tether’s recent change in ToS comes amid a major crypto money laundering scandal in Singapore where assets seized from the bust have swelled to over $2 billion.

1 month after the massive money laundering bust in Singapore, Tether restricts customers in Singapore
Crypto firms have flocked to SG recently for friendlier regs. This could be a huge blow
W/ the HKG crackdown, the gates to Asia are closing for the crypto cartel https://t.co/yVu79bJHgb

— Rho Rider (@RhoRider) September 25, 2023

Another user speculated that the changes in the USDT redemption terms could be a Cake DeFi-specific problem, suggesting that the DeFi protocol is flagged as enhanced due diligence (EDD), and thus, it could be a partnership issue between the two firms.

This could be a @cakedefi issue specifically. It’s flagged as EDD – enhanced DD. I’m not suggesting anything is wrong at Cake, just that it could be specific tether / cake relationship issues.

— Hayden (@hayden_9776) September 25, 2023

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Asia Express: Tencent’s AI leviathan, $83M scam busted, China’s influencer ban

Share9Tweet6ShareSharePin2

Related Posts

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei
Blockchain

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei

18.07.2025
0

Skip to content

Read moreDetails
Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

17.07.2025
LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

14.07.2025
Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

14.07.2025
Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
Load More
Next Post
Coinbase Expands in Spain: Reflecting Broader European Crypto Growth

Coinbase Expands in Spain: Reflecting Broader European Crypto Growth

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Terra Luna Classic as LUNC Plummets 30% in a Month – Is It Going to Zero?

Terra Luna Classic as LUNC Plummets 30% in a Month – Is It Going to Zero?

1 year ago

Visa Deploys ‘Paymaster’ Contracts on Ethereum Testnest for Gasless Transactions

2 years ago
Deloitte is Hiring Specialists for Crypto Fraud Investigations

Deloitte is Hiring Specialists for Crypto Fraud Investigations

1 year ago

Tykhe Block Ventures Holds First Close of $30M Blockchain Growth Fund, Commits 25% into MENA Region

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

El Salvador’s Bitcoin Strategy Faces IMF Hurdles and Limited Public Reach, Says NGO

Solana Price Prediction: Key Technical Formation Signals Major Upside Potential for SOL

Dragonfly Capital Faces Potential Charges Over Tornado Cash Ties, Vows to Fight Back

Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?

Ripple CTO Admits He Faked Ozzy Osbourne Fan Q&A: “I Cheated”

Ethereum Price Prediction: Is the $3,500 Threshold ETH’s Launchpad for a New Rally?

Trending

Bitcoin Price Prediction: All Eyes on This Descending Triangle Chart Pattern – 100% Move Coming?
All news

Bitcoin Price Prediction: All Eyes on This Descending Triangle Chart Pattern – 100% Move Coming?

27.07.2025
0

The Bitcoin price action remains caught in a tug-of-war between bearish and bullish sentiment, with the cryptocurrency...

Siton Mining Launches New Application to Use XRP to Start BTC Mining Machines

Siton Mining Launches New Application to Use XRP to Start BTC Mining Machines

27.07.2025
How Little Pepe’s Layer 2 Chain Changes Meme Coin Hype, Raises $5 Million in Presale

How Little Pepe’s Layer 2 Chain Changes Meme Coin Hype, Raises $5 Million in Presale

27.07.2025
El Salvador’s Bitcoin Strategy Faces IMF Hurdles and Limited Public Reach, Says NGO

El Salvador’s Bitcoin Strategy Faces IMF Hurdles and Limited Public Reach, Says NGO

27.07.2025
Solana Price Prediction: Key Technical Formation Signals Major Upside Potential for SOL

Solana Price Prediction: Key Technical Formation Signals Major Upside Potential for SOL

26.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz