- Tether Faces Transparency Issues with its US Dollar Reserves
- eToro Limits U.S. Crypto Offerings
- Standard Chartered Enters UAE Crypto Market
As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
Tether Faces Transparency Issues with its US Dollar Reserves
Consumers’ Research has accused Tether, the issuer of stablecoin USDT, of lacking transparency in backing its tokens with U.S. dollar reserves. In a report published on September 12, the group claimed Tether has yet to provide a full audit from an independent firm, raising doubts about the company's 1:1 reserve claims. Tether has only released 'attestations' rather than comprehensive audits, prompting concerns over its financial transparency.
eToro Limits U.S. Crypto Offerings
eToro has reached a settlement with the U.S. SEC, reducing its crypto offerings for U.S. customers to Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). The SEC accused eToro of operating as an unregistered broker and clearing agency. As part of the settlement, eToro will pay a $1.5 million fine without admitting or denying the allegations.
Standard Chartered Enters UAE Crypto Market
Standard Chartered has launched a digital asset custody service in the UAE, offering secure storage for Bitcoin and Ethereum. Licensed by the Dubai Financial Services Authority (DFSA) and based in the Dubai International Financial Centre (DIFC), the service targets institutional clients, with plans to expand to other digital assets soon.
This week saw significant developments in the DeFi and crypto space, from Tether's transparency issues to eToro's restriction of crypto offerings in the U.S. Staying informed about these news items is crucial for understanding the current market situation and trends.
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