Tether Ltd. hired the former head of money laundering of the fourth largest bank of Canada Bank of Montreal, Leonardo Real, as the manager of legal compliance issues. The company announced this in a press release on Thursday.
“We are pleased to introduce Leonardo as Director of Compliance. He joins us on the road to transforming the obsolete financial system,” said Tether Ltd. CEO. Jean-Louis van der Velde.
Tether is engaged in the release of USDT tokens, which are in demand from cryptocurrency traders and backed by real US dollars on the company’s accounts. However, with regard to the last statement, some members of the community still have doubts. Litecoin creator Charlie Lee previously assumed that the USDT and their holders could wait for a sad ending if regulators intervene.
According to a press release, Leonardo Real was previously in charge of legal issues in several financial companies. In the Bank of Montreal, in addition to preventing money laundering, he was engaged in developing policies and procedures that “meet the requirements of regulators.”
“Joining Tether as a COO is an extremely exciting step for me personally. I’m especially impressed with the motivation, dedication and talent of the Tether team. I look forward to the moment when I can show Tether my adherence to the ideas of transparency and regulatory compliance in the space of the blockсhain and cryptocurrency,”- said the new director for regulatory compliance Tether.
Earlier Tether published a report on the status of its bank accounts, according to which all of its USDT tokens as for June 1 of the current year were provided with fiat reserves. At the same time, the law firm Freeh Sporkin&Sullivan, which conducted the audit, LLP noted that the presented document can not be considered a full audit.