Crypto ATM CoinFlip Delays The Launch of Tether USDT in US ATMs
The New York Attorney General’s office accused Tether and Bitfinex last week of defrauding investors and being part of market manipulation. For those not in the know, Bitfinex used $850 million in Tether funds to cover the losses they had, but these funds were reserves of the USDT coin. Although trying to make the news positive, CoinFlip is now postponing the launch of USDT on their ATMs.
Postponing the Launch of Tether USDT For Customers’ Safety
In an interview with CoinDesk, Daniel Polotsky (co-founder and CEO of CoinFlip), stated the following:
“Given the news, we are going to be postponing our launch until the smoke clears (if it ever does). We want to make sure Tether and Bitfinex are operating 100% lawfully before offering their products to our customers.”
Here’s also a Tweet from CoinFlip Bitcoin ATM updating the current situation:
— CoinFlip Bitcoin ATM 🏧 (@CoinFlipATM) April 30, 2019
The decision of delaying the launch Tron version of USDT should be in the customers’ interest, added Polotsky in an interview with CoinTelegraph:
“CoinFlip’s number one priority is making sure our customers are safe, so we always err on the side of caution. We need full assurance that USDT is stable, and that Tether and Bitfinex are fully abiding by U.S. law. I truly hope that is the case.”
Over 180 ATMs all over the US would have received USDT on April 30, so that cryptocurrency users could use the token instead of cash when paying at gas stations or at tobacco shops.
In other news, TRON (TRX) is down almost 2%, reaching $0.0232 after a low of $0.0219 on April 29. Once its cleared, TRON might go up to $0.0250.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.