Bitfinex and Tether comply with a Freedom of Information Act request in the midst of a commitment to openness


The businesses insisted that giving in did not mean turning over all of their records.

In a statement released with CryptoSlate on November 24th, cryptocurrency businesses Tether and Bitfinex announced their decision to no longer oppose a FOIL request submitted by many New York journalists.

Despite their worries about the behavior of journalists Zeke Faux, Shane Shifflett, and Ada Hui, the corporations chose not to oppose their Freedom of Information Act request, according to the statement.

Tether stated that they have noticed biased and incorrect reporting from multiple media sources, including Bloomberg and the Wall Street Journal, whose journalists are involved in this freedom of information request, and that Faux’s past work on Bitfinex and Tether has occasionally gone beyond what is considered professional journalism.

The fact that Tether and Bitfinex are making this compromise shows how serious they are about being transparent and doing the right thing by their customers.

They did say, though, that the concession “does not mean a wholesale reveal” of all their papers, because that “is not how business is normally done.”

In addition, the businesses emphasized that they are willing to work with journalists and regulators that practice ethical reporting, recognize the limits of personal data, and stress the need of “responsible document review and handling” prior to public release.

CryptoSlate has asked Tether and Bitfinex to for further information on the FOIL request. At the same time, Tether has already abandoned its resistance to a FOIL. Earlier this year, the business withdrew its resistance to CoinDesk’s FOIL. They said at the time that they were willing to let the request go forward because they value openness and transparency more than “time-consuming and unproductive” lawsuits.

Since iFinex Inc. of Hong Kong controls both Tether and Bitfinex, their connection has been under intense examination for the last few years.

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