Tether, the corporate behind the controversial, dollar-tied “stablecoin” recognized as USDT, has employed a chief compliance officer from the eighth-largest bank in North America.
Leonard Real is a former anti-money laundering (AML) analyst for the Bank of Montreal, the place he labored for 4 years in three totally different positions.
The hiring announcement comes lower than a month after Tether launched the results of a review by Freeh Sporkin & Sullivan, LLP which said the regulation agency was “confident” the USDT token is absolutely backed by greenback reserves.
That evaluation, which itself got here months after the connection between Tether and auditing agency Friedman “dissolved,” largely did not assuage critics, who assert that the token is not absolutely backed and has been used as a device to inflate cryptocurrency costs.
In a statement, Real stated that he seems to be ahead to “helping showcase Tether’s commitment to transparency and regulatory compliance within the blockchain and cryptocurrency space.”
“As a longtime advocate of blockchain technology and the integration of cryptocurrencies into the mainstream, I am looking forward to putting my experience in AML and regulatory compliance in traditional financial institutions to use, to ensure that the Tether project can continue its work disrupting traditional industries,” he went on to say.
Tether has overlapping administration and possession with the cryptocurrency change Bitfinex, which earlier this yr tapped a former Bank of Montreal government to serve as its chief compliance officer.
As reported on the time by Crowdfund Insider, Bitfinex employed former BMO director of AML Peter Warrack in May.
Bank of Montreal picture by way of Shutterstock