Tether has announced plans to freeze addresses associated with sanctioned entities, following reports that Venezuela's state-run oil company was using the stablecoin to bypass sanctions.
Use of Tether has increased in Venezuela after the U.S. reimposed sanctions on oil exports.
Tether has announced plans to freeze addresses linked to sanctioned entities as part of its commitment to adhere to international regulations.
In response to a recent Reuters report revealing that Venezuela's state-run oil company, PDVSA, has been utilizing cryptocurrencies to get around its oil and fuel exports sanctions.
Stablecoin issuer Tether told CryptoSlate that the firm would freeze any addresses linked to sanctioned entities. This decision comes in response to reports indicating that some state actors were leveraging Tether's USDT tokens to circumvent US sanctions.
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