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The CEO of digital asset analytics firm CryptoQuant is showing proof that demand for Tether (USDT) remains strong even as the largest stablecoin by market cap faces mass delisting. European crypto exchanges are pulling the plug on the dollar-pegged crypto asset to comply with the requirements of the Markets in Crypto Assets (MiCA) regulation that took effect on December 30th. Under the MiCA regulation, stablecoin issuers operating in the European Union (EU) need to obtain certain licenses to operate in the region, but Tether failed to meet this requirement. Data from CoinMarketCap shows that USDT’s market capitalization dropped from $140.5 billion to $138 billion over the past week as Tether braces for regulatory hurdles in the EU causing fear, uncertainty, and doubt (FUD) in the market. The asset also fell short of its 1-to-1 peg with the US dollar, as it trades for $0.998 at time of writing. But CryptoQuant CEO Ki Young Ju sees no significant impact on Tethe...

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it had sanctioned several individuals and entities related to a money laundering network that relied on tether (USDT), as well as other cryptocurrencies, to move assets for Russian interests.  The United Kingdom and the United Arab Emirates collaborated with OFAC to disrupt this network, according to the press release. In total, OFAC has sanctioned five new individuals and four entities that were associated with the TGR Group money laundering network.  What did this money laundering network look like? The TGR Group, allegedly controlled by Ukrainian national George Rossi, supposedly provides services exchanging cash for crypto (and vice versa), a pre-paid card service, and helping enable “Russian nationals to purchase property in the United Kingdom.” The press release also notes that Rossi “leveraged OFAC-sanctioned Russian crypto exchange, G...

Cryptocurrency exchange Coinbase announced it has officially launched operations in Canada , marking an expansion of its services in the North American country. Coinbase framed the launch as an important milestone in its strategy to grow its global footprint. Also read: Coinbase is Officially Launching in Canada However, in an email to Canadian users, Coinbase also noted it will suspend trading for three popular Stablecoins — USDT , DAI, and RAI—at the end of August in Canada . The company stated that, as part of routine reviews, it determined these assets no longer met its listing standards for trading. Coinbase confirmed that users can still deposit and withdraw While trading will be halted, Coinbase clarified that users will still be able to deposit and withdraw the affected stablecoins after the change takes effect. The transition impacts a core component of crypto trading activity on Coinbase in Canada. Coinbase did not provide details on what prompted it to su...