CFTC Fines Tether and Bitfinex $42.5M for ‘Untrue or Misleading’ Claims

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“As to the Tether reserves, there is no finding that tether tokens were not fully backed at all times – simply that the reserves were not all in cash and all in a bank account titled in Tether’s name, at all times. As Tether represented in the Order, it has always maintained adequate reserves and has never failed to satisfy a redemption request,” Tether wrote.