Cryptocoin Exchange Bitfinex, Tether has been subpoenaed by U.S. Regulators

The crypto exchange Bitfinex is being investigated over questions  about its digital token Tether  which is linked to its backers. The tether is supposed to be pegged to the US dollar which means for every Tether token there should be a dollar held in reserve which is meant to stop it from volatility fluctuation like Bitcoin experiences.

Tether’s coins have become popular with people using then in exchange for the US dollar,  there is  an estimated 2.3 billion dollars of outstanding tokens. People have been questioning whether the Us dollars have been held in reserve for the tokens.The U.S. Commodity Futures Trading Commission has said they have sent a subpoenas on Dec 6th 2017.

When asked for comments about the investigation, Bitfinex and Tether have said they “routinely receive legal process from law enforcement agents and regulators conducting investigations and it is their policy not to comment on any such requests”

 

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