Tether, the stablecoin pegged 1-1 with the US dollar seems to be forever finding ways to allay concerns of fraud and network venerability’s (to name a few). Now it appears the latest step to elevate said worries is the hiring of a new regulatory compliance officer.
Jean-Louis van der Velde, Chief Executive Officer of Tether spoke of the appointment in an announcement on the official Tether website:
“We are all very excited to introduce Leonardo as Chief Compliance Officer at Tether the announcement reads, “His depth of experience managing AML risk in capital markets, as well as the wealth management and commercial banking sectors, combined with his proven expertise in quality control management and strategy formulation will make him an invaluable asset to our company.”.
This new addition to the Tether team boasts the credentials of a former anti-money laundering (AML) quality control manager with the Bank of Montreal.
Leonardo Real was previously in charge of establishing policies and procedures in line with regulatory requirements within the bank. Real also has a background in crypto, having co-written an award-winning article on the risks of money laundering within cryptocurrency as well as hosting a blockchain, cryptocurrency, and AML event in Toronto, in 2016.
Tether appoints former AML Quality Control Manager at Bank of Montreal as Chief Compliance Officer.https://t.co/VLJKaRT5eQ— Tether (@Tether_to) July 12, 2018
Controversies surrounding Tether’s USD backing has been the source of much debate, many believing they have no such reserve to back up the stability of the coin. Back in June of this year, the company took steps to hire a law firm who confirmed that there was 2.54 billion USD in the company’s bank accounts, in line with the value of all Tether tokens currently in the market.
This hire is a clever move from Tether, alongside quelling conjecture and speculation surrounding the validity and transparency of their currency; It also makes sense within the current climate of regulatory uncertainty and the expectation to meet higher standards, especially as institutions start investing within the space and governments look to regulate more thoroughly.