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Fintech

Tether is reportedly under investigation for bank fraud

The DOJ is examining if Tether did not tell banks whether transactions were linked to crypto.

Bitcoin

Tether is reportedly under investigation for possible bank fraud.

Image: Protocol

The Department of Justice is looking into whether Tether committed bank fraud during its earlier stages of crypto transactions, according to Bloomberg. The criminal investigation is focused on if Tether did not tell banks whether transactions were tied to crypto, which could have major implications for law enforcement's control on virtual currencies.

U.S. investigators have been examining Tether since at least 2018, according to Bloomberg, and prosecutors sent letters to people to tell them they are involved with the probe over the past few months. Senior officials at the DOJ will eventually decide whether to press charges, according to the letters.

Tether said in a statement that it has "routinely" maintained an open discussion with law enforcement, including the DOJ, "as part of our commitment to cooperation and transparency," Bloomberg reported.

Sarah Roach

Sarah (Sarahroach_) writes for Source Code at Protocol. She's based in Boston and can be reached at sroach@protocol.com

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