{"id":84983,"date":"2023-09-25T18:27:37","date_gmt":"2023-09-25T15:27:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84983"},"modified":"2025-09-12T20:38:01","modified_gmt":"2025-09-12T17:38:01","slug":"tether-halts-usdt-to-fiat-transfers-for-singapore-based-defi-project","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tether-halts-usdt-to-fiat-transfers-for-singapore-based-defi-project\/","title":{"rendered":"Tether halts USDT-to-fiat transfers for Singapore-based DeFi project"},"content":{"rendered":"<p>Singapore-based DeFi protocol Cake said that Tether would stop converting the stablecoin into US dollars due to &#8220;changes to its rules&#8221;. This was disclosed by the platform&#8217;s co-founder and CEO, Julian Hosp.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Ok, so, I won&#8217;t be able to tell you if redeeming <a href=\"https:\/\/twitter.com\/search?q=%24USDT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDT<\/a> into <a href=\"https:\/\/twitter.com\/search?q=%24USD&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USD<\/a> is actually possible, due to being in <a href=\"https:\/\/twitter.com\/hashtag\/Singapore?src=hash&#038;ref_src=twsrc%5Etfw\">#Singapore<\/a>, which was a recent change to the <a href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\">@Tether_to<\/a> ToS from one day to another. Interesting. <a href=\"https:\/\/t.co\/1YzNqkbjMO\">pic.twitter.com\/1YzNqkbjMO<\/a><\/p>\n<p>\u2014 Dr. Julian Hosp (@julianhosp) <a href=\"https:\/\/twitter.com\/julianhosp\/status\/1706211575030268248?ref_src=twsrc%5Etfw\">September 25, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The executive provided a screenshot of a message from Tether. It states that the new terms of service envisage a refusal to serve &#8220;corporations controlled by another organisation, directors and shareholders registered in Singapore&#8221;.<\/p>\n<p>Users noted that Tether&#8217;s actions were driven by a recent scandal in the jurisdiction. Local police conducted an investigation and found laundering of funds tied to digital assets totaling more than $2 billion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?? ? 1 month after the massive money laundering bust in Singapore, Tether restricts customers in Singapore<\/p>\n<p>Crypto firms have flocked to SG recently for friendlier regs. This could be a huge blow <\/p>\n<p>W\/ the HKG crackdown, the gates to Asia are closing for the crypto cartel <a href=\"https:\/\/t.co\/yVu79bJHgb\">https:\/\/t.co\/yVu79bJHgb<\/a><\/p>\n<p>\u2014 Rho Rider (@RhoRider) <a href=\"https:\/\/twitter.com\/RhoRider\/status\/1706214908143231332?ref_src=twsrc%5Etfw\">September 25, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>There were also more optimistic users who suggested that Cake&#8217;s problems are idiosyncratic and do not affect other Singapore-linked crypto startups.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">This could be a <a href=\"https:\/\/twitter.com\/cakedefi?ref_src=twsrc%5Etfw\">@cakedefi<\/a> issue specifically. It\u2019s flagged as EDD \u2014 enhanced DD. I\u2019m not suggesting anything is wrong at Cake, just that it could be specific tether \/ cake relationship issues.<\/p>\n<p>\u2014 Hayden (@hayden_9776) <a href=\"https:\/\/twitter.com\/hayden_9776\/status\/1706230324945207432?ref_src=twsrc%5Etfw\">September 25, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier in September, Singapore authorities<a href=\"https:\/\/forklog.com\/en\/news\/singapore-authorities-freeze-1-8-billion-linked-to-cryptocurrency-money-laundering\"> froze $1.8 billion<\/a> tied to money-laundering involving cryptocurrencies. In the local parliament, more than 30 questions were raised on this topic: from the stringency of vetting processes to reports of suspicious transactions and the impact on the country&#8217;s reputation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore-based DeFi protocol Cake said that Tether would stop converting the stablecoin into US dollars due to &#8220;changes to its rules&#8221;.<\/p>\n","protected":false},"author":1,"featured_media":84984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[946,1245],"class_list":["post-84983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-singapore","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84983"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84983\/revisions"}],"predecessor-version":[{"id":84985,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84983\/revisions\/84985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84984"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}