Tether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctions

USDT-issuer Tether says it will block payments made to OFAC-sanctioned entities after sources claim Venezuela’s state-run oil company is using USDT to facilitate oil exports.

USDT-issuer Tether says it will freeze addresses linked to sanctioned entities following a report that Venezuela’s state-run oil company was using the stablecoin to bypass sanctions.

A spokesperson from Tether told Cointelegraph that the company remains committed to stopping payments linked to Office of Foreign Assets Control (OFAC) sanctioned entities:

This comes after an exclusive report from Reuters claimed that Venezuela’s state-run oil company, PDVSA, has been using cryptocurrencies to facilitate its crude oil and fuel exports. The country is facing new oil sanctions reimposed by the United States.

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