© Jakub Porzycki via Reuters Connect
In a recent development in the cryptocurrency industry, Bitfinex has agreed to a Freedom of Information Act (FOIL) request seeking transparency reports, signaling a significant change in approach. their access to public disclosure. The move comes after the companies faced criticism for their initial opposition to releasing the full document, citing concerns about sensitive commercial information and copyrights. Customer data privacy.
The FOIL request, initiated by CoinDesk, seeks to shed light on the operations of Tether and Bitfinex following the $18.5 million settlement with the New York Attorney General (NYAG) in February 2021. As part of the agreement, the companies are authorized to provide regular reports for two years, detailing their financial activities and ensuring compliance with regulatory standards.
Despite their advocacy for transparency, Tether and Bitfinex initially opposed FOIL due to concerns that confidential customer data and sensitive trade details could fall into the hands of malicious entities. Companies expressed concern about lack of professionalism and bias from journalists and the media, emphasizing the need for ethical journalistic standards.
However, as of today, Tether and Bitfinex have dropped their objections. They are now acknowledging the importance of transparency while continuing to emphasize the importance of protecting customer data and maintaining ethical journalism practices. This concession is in line with Tether’s previous stance of prioritizing transparency over litigation, which was evident when it did not fight CoinDesk’s FOIL request earlier in the year.
CryptoSlate has expressed interest in obtaining more information regarding this FOIL request, highlighting the ongoing scrutiny surrounding iFinex Inc., the Hong Kong-based ownership of both Tether and Bitfinex . The company’s decision to accept the FOIL request of the trio of journalists is seen as a commitment to transparency, ethical journalistic standards and respect for data privacy in the cryptocurrency sector.
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