Financial expert warns: Crypto token Tether increasingly used by money launderers”

Financial expert warns: Crypto token Tether increasingly used by money launderers”

According to a report by www.heise.de,

The United Nations warned that the Tether cryptocurrency platform is increasingly favored by money launderers and fraudsters in Southeast Asia. According to the UN Office on Drugs and Crime report, the Tether (USDT) crypto token is at the center of a growing fraud industry.

Using Tether for illegal activities has the potential to impact the crypto market and financial industry. The increasing use of Tether for money laundering could lead to governments and regulators increasing their efforts to regulate and monitor cryptocurrencies.

The U.S. government's investigations into Tether and other crypto exchanges, as well as the SEC's lawsuits, indicate growing regulatory attention for the crypto industry. This can lead to uncertainty and market volatility as investors and businesses may become hesitant to invest in or trade cryptocurrencies.

Planned EU directives to regulate crypto exchanges and stablecoins could also restrict the use of Tether and other cryptocurrencies and reduce anonymity in cryptocurrency trading. This could lead to a decrease in trading volume and increased reporting requirements for crypto exchanges.

Overall, the United Nations warning and increased regulatory attention could impact acceptance and trust in cryptocurrencies, leading to a slowdown in market growth and increased caution when investing in cryptoassets.