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Tether, Bitfinex agree to drop opposition to FOIL request

Tether, Bitfinex agree to drop opposition to FOIL request

Tether and Bitfinex have agreed to drop initial opposition to a Freedom of Information Law (FOIL) request lodged in New York by a number of high-profile news publications.

In a statement shared with Cointelegraph, the USDT stablecoin issuer and cryptocurrency exchange noted their commitment to transparently sharing information following a FOIL request from CoinDesk earlier this year.

The companies clarified that while they are committed to transparency, it does not mean a wholesale release of all their documents.

Tether and Bitfinex have decided not to appeal against the FOIL request put forward by journalists, including Zeke Faux, Shane Shifflett, and Ada Hui, despite accusing them of exhibiting “certain behaviors.”

They also criticized past reports on Tether and Bitfinex, claiming that they have been “one-sided and inaccurate.”

The statement stressed that both companies are committed to transparency and remain open to engagement with journalists and regulatory authorities, given that they adhere to ethical reporting standards and respect data privacy boundaries.

Tether and Bitfinex called for “responsible document review” before any public release of information, stating that their efforts to be transparent do not “equate to unrestricted public disclosure of all documents.”

Cointelegraph has reached out to Tether to ascertain finer details of the FOIL request and the information it pertains to.

The ongoing FOIL request relates to Tether and Bitfinex reaching an agreement with the New York Attorney General (NYAG) in February 2021.

Part of the settlement required Tether and Bitfinex to submit quarterly transparency reports to the NYAG for two years. Following the end of these obligations, CoinDesk submitted a FOIL request in New York seeking public disclosure of materials relating to Tether’s first quarter that it had submitted under the settlement agreement.

In June 2023, Tether claimed that it had opposed the FOIL request to prevent public dissemination of “confidential customer data” and to prevent the use of “sensitive commercial information,” which it fears could be exploited by “malicious actors.”