The crypto exchange Bitfinex has recently announced on Twitter that it would add three new stablecoin pairs to its rooster.
Bitfinex is not only a crypto exchange but also the company that issues Tether, so the new pairs make sense. Trading starts today at 8:00 a. m. UTC. Only users who are already verified and whitelisted by the Know Your Customer (KYC) system of the company will be able to trade the new assets.
Three new stablecoin pairs are now available on Bitfinex!
Trading on USD Coin to Tether (USDc/USDt), Paxos Standard to Tether (PAX/USDt) and TrueUSD to Tether (TUSD/USDt) began 27/08/19 at 8:00 AM (UTC).
— Bitfinex (@bitfinex) August 27, 2019
The Legal Trouble Surrounding Bitfinex
Despite continuing activities, as usual, it is fair to say that Bitfinex and Tether are living quite troubling times. At the moment, the two companies are facing the New York Attorney General (NYAG) in a battle to prove that the companies did not do anything illegal when Tether loaned $850 million USD to its sister company.
The company was being used to back the price of the stablecoin, so the NYAG argues that Bitfinex broke the law while the company argues that the whole case is not even in the jurisdiction of the NYAG because Tether does not have any clients who are resident in the New York state.
At the moment, the two companies are in a process to collect documents to prove that they did not break the law. To compensate the Tether holders, the company has started an Initial Coin Offering (ICO) to sell LEO tokens. The money will be used to pay the debts.