According to NewsBTC, representatives of the BitMEX cryptocurrency platform have discovered additional factors that confirm the assumption that the Puerto Rican Noble Bank holds Tether assets as its main reserve.
In February BitMEX published a report that Tether allegedly had accounts in Puerto Rican banks.
After carefully analyzing public financial data, the BitMEX research department found that the number of banking transactions of international financial institutions has increased significantly. Until recently, experts were unable to piece together what was happening.
Information provided by the Financial Institutions Authority of Puerto Rico indicates that bank deposits in the “international financial institutions” category, which includes Noble Bank, grew by 248% compared to the third quarter to $3.3 billion.
BitMEX researchers believe that the rise in the value of digital currencies and the growth in bank deposits are related. In the fourth quarter of last year, Tether increased in price by 215% to $1.4 billion, which is a direct confirmation of the assumption that Noble Bank is its main reserve.
BitMEX experts concluded that the situation with Tether has two paths: complete reform of the digital currency system, including the introduction of KYC/AML procedures or the risk of closure by the authorities.
“We have not recorded any evidence that attackers are using Tether to launder funds. One way or another, we consider it unlikely that the platform will be closed by the authorities,” reports the BitMEX blog.
According to BitMEX, Puerto Rico is an ideal environment for the development of the cryptocurrency market due to its tax system. There is no income tax or capital gains tax in the country; moreover, to register a business in Puerto Rico, it is not necessary to renounce American citizenship.
We previously wrote that the Independent Rating Agency Weiss Ratings, which recently published its report with assessments of leading cryptocurrencies, warns investors about the dangers of using Tether(USDT).
According to https://www.newsbtc.com
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