Tether and Bitfinex yield to FOIL request amid transparency pledge Tether and Bitfinex yield to FOIL request amid transparency pledge
The companies said their concession does not equate to a wholesale release of their documents.
1 min read
Updated: Nov. 24, 2023 at 2:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto firms Tether and Bitfinex have agreed to drop their opposition to a freedom of information (FOIL) request filed by several journalists in New York, according to a Nov. 24 statement shared with CryptoSlate.
According to the statement, the companies decided not to challenge the FOIL request made by journalists Zeke Faux, Shane Shifflett, and Ada Hui despite their concerns about these journalists’ conduct.
“Faux’s previous work on Tether and Bitfinex has sometimes extended beyond the boundaries of professional journalism, and we have also observed one-sided and inaccurate reporting from various media outlets, including the Wall Street Journal and Bloomberg, whose journalists are participating in this FOIL request,” Tether wrote.
Tether and Bitfinex said they are making this concession as evidence of their commitment to responsible business practices and transparency.
However, they pointed out that the concession “does not mean a wholesale release” of all their documents as this “approach is not in line with standard business practices.” The firm stated:
“Transparency does not equate to unrestricted public disclosure of all documents.”
The companies furthered that they remain open to constructive engagement with journalists and regulatory authorities who adhere to ethical reporting standards, respect data privacy boundaries, and urge “responsible document review and handling” before any public release.
CryptoSlate has requested additional details about the FOIL request from Tether and Bitfinex.
Meanwhile, this is not the first time that Tether is dropping its opposition to an FOIL. Earlier in the year, the company dropped an opposition to an FOIL filed by CoinDesk. At the time, it said it allowed the request to proceed because it is committed to transparency and openness over “time-consuming and unproductive” litigations.
During the past several years, Tether and Bitfinex’s relationship has come under heavy scrutiny as the Hong Kong-based iFinex Inc owns them.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest New York Stories
Featured Story
Advertise Here
In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
CoinDesk
CoinDesk was founded by Shakil Khan as an integrated platform for media, events, data & indices for the next generation of investing and the future of money.