Foreign media: Tether's new terms of service prohibit certain groups of Singaporean customers from exchanging USDT for USD

ChainCatcher news, according to Cointelegraph, based on an email shared by Cake Group CEO Julian Hosp, the stablecoin issuer Tether has changed its terms of service (ToS) in Singapore, prohibiting certain local customer groups from exchanging USDT for USD.

The main changes to Tether's terms of service include restrictions on its registration standards, as well as "companies, directors, and shareholders residing in Singapore that are controlled by another entity are no longer allowed to become Tether customers."

The term "controlled by another entity" has left many in the cryptocurrency community confused. Cake Group was informed that they "are controlled by another company in Singapore, and therefore are not allowed to issue or redeem on the platform."

Users on X pointed out that Tether's recent changes to the terms of service come amid one of Singapore's largest cryptocurrency money laundering scandals, with seized assets exceeding $2 billion. Another user noted that the changes in USDT redemption terms might be a Cake-specific issue, pointing out that DeFi protocols are labeled as enhanced due diligence, suggesting that this could be a collaboration issue between the two companies.