Tether’s Revised Terms of Service in Singapore Raise Concerns
Tether, a prominent stablecoin issuer, has made unexpected changes to its terms of service (ToS) in Singapore, causing speculation and discussions within the cryptocurrency community. The modified ToS reportedly restricts certain customer groups from redeeming their Tether holdings for US dollars, leaving investors puzzled and concerned about the implications of these alterations.
Key Changes in Tether’s Terms of Service and Uncertainty
The revised ToS of Tether primarily focus on stricter onboarding standards, specifically targeting specific customer categories. Notably, corporations controlled by external entities, directors, and shareholders residing in Singapore are now prohibited from being Tether customers. The inclusion of the phrase “controlled by another entity” has sparked debate and confusion within the crypto community, as its exact meaning remains unclear.
Questions and Speculations Surrounding Tether’s Altered Terms of Service
The modified ToS has raised numerous questions and speculations among cryptocurrency enthusiasts. Some have questioned whether these changes are related to a recent money laundering case in Singapore, while others seek clarification on the specific criteria for customer eligibility.
The introduction of uncertainty and complexity into the crypto industry has prompted discussions about Tether’s motivations and the broader implications for the cryptocurrency landscape. Tether’s Chief Technology Officer, Paolo Ardoino, clarified that Singapore has been listed as a “Prohibited Jurisdiction” since 2020, along with other countries and regions.