Tether and Bitfinex Drop Opposition to Freedom of Information Request

By: Isha Das

Amid a pledge towards transparency, crypto firms Tether and Bitfinex have ceased their opposition to a freedom of information (FOIL) request made by various journalists in New York. Regardless of concerns regarding the conduct of these journalists, the companies decided to not challenge the FOIL request made by journalists Zeke Faux, Shane Shifflett, and Ada Hui.

The companies highlighted that their agreement to proceed with the FOIL request attempts to depict their commitment to responsible business operations and transparency, albeit this not implying an unrestricted release of all documents per se. They stressed that 'transparency does not equate to unrestricted public disclosure of all documents.'

This decision has not been taken the first time by Tether, as there was an instance earlier in the year where Tether dropped objections against a similar FOIL request filed by CoinDesk. It attributed this to a commitment towards transparency and openness, outweighing the issues associated with protracted and unproductive litigation. Remarking on their current decision, both Tether and Bitfinex remain open to an engagement with journalists and regulatory authorities who adhere to ethical reporting norms and respect data privacy limits, underlining their urge for responsible document scrutiny and handling prior to public release.