Tether and Bitfinex Agree to Drop Opposition to FOIL Request

Press Release

Tether and Bitfinex place a high value on transparency, a core principle within the cryptocurrency industry. Our commitment to transparency is evident through our past actions, such as Tether dropping opposition to a New York Freedom of Information Law (FOIL) request brought by Coindesk earlier this year. However, it's essential to clarify that transparency does not mean a wholesale release of all our documents. This approach is not in line with standard business practices.

Despite concerns that have arisen regarding the nature of the most recent NY FOIL request received by Tether and Bitfinex, particularly in light of certain behaviors exhibited by the journalists making that request, including Zeke Faux, Shane Shifflett, and Ada Hui, we want to make it clear that Tether and Bitfinex will not be further appealing this FOIL request. Our decision is rooted in our unwavering commitment to transparency and the belief that we have nothing to hide.

Zeke Faux's previous work on Tether and Bitfinex has sometimes extended beyond the boundaries of professional journalism, and we have also observed one-sided and inaccurate reporting from various media outlets, including the Wall Street Journal and Bloomberg, whose journalists are participating in this FOIL request. Our goal is to set a higher moral standard and lead by example.

Our dedication to transparency never compromises our commitment to handling business information responsibly. We remain open to constructive engagement with journalists and regulatory authorities who adhere to ethical reporting standards and respect data privacy boundaries. We also believe that responsible document review and handling is essential before any public release, and we stress that transparency does not equate to unrestricted public disclosure of all documents.

Both Bitfinex and Tether stand as the most transparent companies in their industries, and we are committed to maintaining this reputation. Our decision to not appeal this FOIL request reinforces our commitment to both responsible business practices and transparency.