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Crypto: CFTC fines Tether, Bitfinex $42.5 million for misleading customers

The Commodity Futures Trading Commission on Friday filed and settled charges with Tether Holdings Ltd. for misleading customers about the quality of the reserves that back its stablecoin, Tether, USDTUSD while also fining associated crypto exchange Bitfinex for operating as an unregistered futures commission merchant.

The CFTC said in a press release that Tether misrepresented the stablecoin when it claimed that the token was “100% backed by” fiat currency assets, including U.S. dollars DXY and euros. “In fact Tether reserves…

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