BREAKING : NYAG ends Bitfinex + Tether trading

bartosimpsonio

bartosimpsonio

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This is the nuclear bomb the entire crypto scene was afraid of.

https://twitter.com/x/status/1364192478908329985

So far Bitcoin price not largely affected.

Either that or the recent days drop means some folks knew before us.

Anyway this can be good AND bad.

Good because it's the bomb everyone feared and it's not as big as feared.

Bad because ..... well Tether is probably fucked after the domino effect, Europe and others will likely follow suit.

Only valid in New York State so far.

For BHW news this is Barto reporting, will be back with more breaking fucking news unless I have too many beers.

U$ 18 million fine

Peanuts
 
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Wow just traded in my last USDT about an hour earlier.
 
Another source for reference - https://www.cryptocraft.com/news/10...-james-ends-virtual-currency-trading-platform
To put it in simple terms Bitfinex is a crypto exchange - https://www.bitfinex.com/
Tether is an intermediary for traditional transactions and crypto transactions (?) - https://tether.to/

They both can no longer operate in New York.

@bartosimpsonio is the above an accurate explanation? Do you know why they have been singled out? How big are they compared to other crypto exchanges and is NY likely to ban others?

Regarding your second point - although traditionally in finance you always see the news after it's reflected in the price it seems to me that when it comes to the world of crypto, the news comes first and then the price reflects that news. So if this is a big deal I would expect to see a further price drop in response.
 
davids355 said:
@bartosimpsonio is the above an accurate explanation? Do you know why they have been singled out? How big are they compared to other crypto exchanges and is NY likely to ban others?
Click to expand...

I don't know how the whole NY issue began and why it boiled down to NYAG x Bitfinex but I'm sure the story is out there.

Interestingly, this is being seen as good news in the crypto community.

So if they don't fear being blocked in the financial heart of the world, then what do they fear?
 
Bitfinex tried to get a chunk of the US market like Binance US did. They didn't succeed, so business as usual.

No consequences for tether nor crypto in general. I'm more curious about the XRP trial.
 
bartosimpsonio said:
This is the nuclear bomb the entire crypto scene was afraid of.

https://twitter.com/x/status/1364192478908329985

So far Bitcoin price not largely affected.

Either that or the recent days drop means some folks knew before us.

Anyway this can be good AND bad.

Good because it's the bomb everyone feared and it's not as big as feared.

Bad because ..... well Tether is probably fucked after the domino effect, Europe and others will likely follow suit.

Only valid in New York State so far.

For BHW news this is Barto reporting, will be back with more breaking fucking news unless I have too many beers.

U$ 18 million fine

Peanuts
Click to expand...
Hopefully they paid nyag with usdt :)
 
jonsnow2019 said:
Bitfinex tried to get a chunk of the US market like Binance US did. They didn't succeed, so business as usual.
Click to expand...

Well, printing dollars is not a legal way to get a chunk of the US market....
 
bartosimpsonio said:
Well, printing dollars is not a legal way to get a chunk of the US market....
Click to expand...

The printing dollars part is not related to Bitfinex opening offices in NY afaik. Also it wasn't about printing dollars, problem was they didn't back tethers with cash 1:1 but they backed it with part cash and part BTC.
 
So... As I see it, this wasn't about any government or authority trying to move against cryptocurrencies but simply against some companies that are involved in crypto business because those companies were employing some shady business practices. And they even got off rather easily. I don't see how that should be a bad thing.
 
Does this mean I have to get out of tether? Need someone to spell it out for me. This is too techinical.
 
jonsnow2019 said:
The printing dollars part is not related to Bitfinex
Click to expand...

Isn't Tether owned by Bitfinex or something like that?

jonsnow2019 said:
it wasn't about printing dollars, problem was they didn't back tethers with cash 1:1
Click to expand...

So if you're a private party issuing dollar notes but those dollars are not backed 1:1 then what do you call that?
 
Prefer USDC and BUSD anyway.. why would you hold USDT long term when you can put capital into BUSD and earn 6%APY+ on Binance. Plus, pretty much any major asset on Binance has a BUSD pair anyway.
 
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