Cake DeFi CEO and co-founder Julian Hosp has claimed that he has received an email from Tether in which it claimed that it has stopped redeeming USDT for US dollars for Singapore clients due to changes in the company’s terms and conditions to align with the local rules.
On September 25, Hosp made the letter public on X and stated that Cake is unsure whether it could redeem USDT into US dollars due to changes in the rules of Tether.
Meanwhile, Tether spokesperson, in a statement cited by Cointelegraph, stated: “Tether has a meticulous onboarding process which is in full compliance with global regulations, including the guidelines set forth by Singapore regulators. This commitment to compliance is unwavering and remains a cornerstone of our platform.” Tether said Cake DeFi is controlled by “another corporation that resides in Singapore,” precluding it from redeeming USDT.
Crypto exchange Binance is exploring the issuance of Yen and other foreign currency-denominated stablecoins in Japan, it was reported in the media.
Binance is reportedly collaborating with the Mitsubishi UFJ Trust and Banking Corporation (MUTB), Japan’s biggest bank, to explore the possibility of issuing stablecoins in that country.
Binance Japan and other companies plan to create yen and other fiat stablecoins to expedite Web3 adoption in Japan, reports said. They want to create a stablecoin issuance and administration system called “Progmat Coin,” to comply with Japan’s regulatory requirements.
Japan has recently updated its Payments Services Act, enforced in June, permits Japanese financial institutions and licenced cryptocurrency companies to produce stablecoins.
In a joint statement, Coinbase CEO Brian Armstrong and chief legal officer Paul Grewal has questioned the Securities and Exchange Commission’s (SEC) reasoning for its objections. SEC has objected to Celsius Network’s restructuring plan, partially due to the agency’s ongoing legal issues with the cryptocurrency exchange, Coinbase.
Regarding Celsius’ recent reorganisation plan, the SEC filed a “limited objection and reservation of rights” with the US Bankruptcy Court in New York on September 22. The plan underwent four revisions; the fourth one was submitted on August 15 but was rejected.
In its objection, the SEC argued that the agreement might force Coinbase to provide services that “go far beyond the services of a distribution agent.”
