New York Court Orders Tether To Provide USDT Financial Records
- The USDT foreign investor, Tether, was ordered to give its stable currency accounting documents to the court.
- The order issued by the New York City Judge also applies to Bitfinex.
- Tuesday's order is part of the launch of an ongoing class action lawsuit in 2019.
- The plaintiff accused USDT foreign investors of giving false records to its stable currency loan reserves and market control
A presiding judge in New York City instructed stablecoin Issuer Tether and Bitfinex, the company's sister data encryption trading center, to provide accounting records and documents in response to USDT's reserves and support
The court order issued on Tuesday is part of the ongoing class action litigation that began in October 2019. Five plaintiffs, Aaron Leibowitz, Benjamin Leibowtz, David Leibowitz, Jason Leibowitz and Pinchas Goldshtein, accused Tether and Bitfinex of conducting false reports on USDT's support
In the documents submitted to the Southern District Court of New York, the plaintiff also accused the two newly established companies of controlling the cryptocurrency market. The lawsuit stipulates that relevant entities submit true accounting documents to support and establish USDT's operation mode in terms of support and reserves.
The lawyers of these two digital currency enterprises denied this accusation and asked the court to reject this request
Tuesday's ruling represents that Tesser and Phoenix Bitter Dog now have the legal right to comply with this requirement. The two companies now need to submit documents including balance sheets, cash flow statements and general ledgers.
The plaintiff also stipulated to record the balance of the enterprise in Bitfinex, Bittrex, Poloniex and other digital asset exchanges in the data encryption trading center. When the reporter published the article, the prosecution was expected to proceed smoothly, because the investigators and defendants had their own arguments on their own cases.Verification of binding rope USDT
Tesser was once subject to the verification of the stable currency loan reserve and the support of the Finance Bureau by the Food and Agriculture Organization of the United Nations. This digital currency enterprise recently issued a variety of rebuttals to refute rumors that it has commercial acceptance bills.
In the recent USDT verification, the enterprise hired BDO, an audit firm, and reported its cash holdings, national bonds and other financial sector holdings as its stable monetary support.