CandleFocus Tether Is So Closely Linked to Cartels It Trades at a Discount in Mexico: Report
2024-11-26
Author: Content Editor
A recent report suggests that a money laundering organization involved in United States cocaine imports is utilizing the stablecoin Tether (USDT) to quickly move wealth across borders. The report claims that criminal organizations, including the Sinaloa Mexican drug cartel, use USDT for large-scale drug trafficking. In a separate case, a Canadian Olympic snowboarder and his gang allegedly used USDT in a cocaine trafficking operation. Law enforcement officials state that USDT is sold at a discount in Mexico due to its association with drug proceeds. The United States government is seeking access to over 5 million seized USDT linked to cocaine trafficking on Binance. Tether stated that they can track all transactions and halt the use of USDT in illicit activities, while Binance emphasized its strict anti-money laundering measures. The report also reveals that a Federal Bureau of Investigations (FBI) probe uncovered an operation connected to major Mexican cartels that laundered over $52 million, with USDT being involved. Previous reports have shown that drug cartels use USDT and Bitcoin for money smuggling. Binance and Tether have not responded to inquiries about the allegations.
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