Bitfinex Says Users Are Now Able To Directly Trade Tether For Fiat

Bitfinex users now have the ability to directly trade Tether for fiat thanks to the addition of USDT/USD and EURT/EUR trading pairs, according to a November 27th Medium post from Bitfinex.  

The exchange said the new Tether trading pairs will replace "the previous 1:1 conversion on deposits and withdrawals provided by Bitfinex." It characterized the announcement as “continuing our heritage of providing a neutral, coin-agnostic platform.”

Exchanges Should Serve As A Neutral Actor

In the post, Bitfinex noted how it protected customers through a guarantee of the Tether/USD 1:1 peg.

It said the ability for users to take advantage of the new trading pairs is a “reflection of the evolved stablecoin market” and maintained a company ethos that “an exchange should be a neutral actor.”

The Bifinex team wrote how the change comes in tandem with a big update to the platform which allows customers to directly redeem their USDT for USD.

CryptoGlobe reported today on Tether’s redesigned platform, which also features the ability to verify new customers.

However, only people with at least 100,000 USDT are able to redeem USDT for USD on Tether’s website. Tether said these stipulations are targeted towards its “professional investor audience.”

Coming Investigations Into Tether And Bitfinex?

About a week ago, CryptoGlobe covered allegations that the U.S. Department of Justice and the Commodities Futures Trading Commission (CTFC) were working on crypto-related investigations.

According to speculation, more scrutiny was being directed towards purported market manipulation involving Tether and Bifinex.

The two entities were at the receiving end of a subpoena by the CTFC in December 2017. Allegedly, the CTFC and the Department of Justice are coordinating investigations of the duo’s activities.

Tether’s reputation has been under fire of late due to issues with redemption at Bitfinex and a continued lack of attestation by an independent accounting firm.

However, Tether has affirmed a strong relationship with Deltec Bank & Trust Limited and claims it will be able to “return to its original vision” as a result.

India’s Finance Minister Says Countries Are 'Rushing' Into Cryptocurrency

  • India's Finance Minister and Reserve Bank Governor cautioned against countries rushing into digital currencies. 
  • IMF Director Kristalina Georgieva said the organization is taking a "balance approach" to regulation.

Reserve Bank of India Governor Shaktikanta Das and Minister of Finance Nirmala Sitharaman cautioned that countries are rushing into cryptoassets, in the wake of Facebook’s handling of libra. 

Das spoke on cryptoassets earlier in the week at the annual meeting for the International Monetary Fund and World Bank. Sitharaman told Indian reporters of the meeting, 

On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this.

Das continued, explaining how some officials took issue with libra being labeled a ‘stablecoin,’

Some of them [countries] of course even suggested that they shouldn't be using, all of us shouldn't be using the name stable currency because that's the expression they used. Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind.

Sitharaman said the general consensus was that countries need to show “extreme” caution in the handling of digital currencies. However, she also admitted there were discussions about the benefits of digital currencies, saying that "presentations were also highlighting the strenghts of such virtual currency."

IMF Managing Director Kristalina Georgieva said the organization is taking a “very balanced approach” to crypto-assets while being “mindful” of the risks they pose for consumers. 

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