Tether and Bitfinex withdraw opposition to NY FOIL request
Key Takeaways
- Tether and Bitfinex withdrew their opposition to New York FOIL requests from major media outlets.
- The company confirms its commitment to transparency, but cautions against disclosing full documents.
- The background to the FOIL request is tied to a 2021 legal settlement that Tether and Bitfinex reached with the New York Attorney General regarding transparency reports.
Tether and BitfinexNotable companies in the cryptocurrency sector are: We have agreed not to object to any further Freedom of Information (FOIL) requests. Information submitted by several major news publishers in New York.
However, companies emphasized: Our approach to transparency does not include comprehensive disclosure of all documents.explanation:
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It is important to be clear that transparency does not mean wholesale disclosure of all documents.
Despite agreeing not to appeal FOIL requests initiated by journalists Zeke Faux, Shane Shifflett and Ada Hui. Tether and Bitfinex have expressed doubts. About the actions of these reporters.
The companies criticized past reports about their operations: Going beyond the norms of professional journalism. They criticized prominent media outlets, including the Wall Street Journal and Bloomberg. “It’s one-sided and inaccurate.”
Nevertheless, the two companies again expressed their intentions. Partner with journalists and regulators who uphold ethical reporting standards and respect data privacy boundaries.. They demand that documents be reviewed responsibly prior to release; Our commitment to transparency does not mean unrestricted disclosure of all documents..
FOIL request This stems from a settlement reached between Tether and Bitfinex with the New York Attorney General’s Office in February 2021.. The settlement, which included an $18.5 million fine, resolved the dispute over the charges. $850 million blend of customer and corporate funds. As part of this agreement, the company has the following obligations: Submit quarterly transparency reports to the New York Attorney General for two years..
After these obligations have ended, CoinDesk filed a FOIL request in New York., which seeks to disclose material related to Tether’s first quarterly report under the terms of the settlement. Tether is June 2023 Initially opposed the FOIL request.It cited concerns about the potential disclosure of confidential customer data and sensitive commercial information that could be easily exploited by malicious parties.
Tether and Bitfinex’s decision to stop opposing the New York FOIL request signals a shift toward greater openness of their operations, balancing their commitment to transparency with concerns about widespread disclosure of sensitive information.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the Crypto News editorial team.
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