Tether and Bitfinex yield to FOIL request amid transparency pledge

Crypto firms Tether and Bitfinex have agreed to drop their opposition to a freedom of information (FOIL) request filed by several journalists in New York, according to a Nov. 24 statement shared with CryptoSlate.

According to the statement, the companies decided not to challenge the FOIL request made by journalists Zeke Faux, Shane Shifflett, and Ada Hui despite their concerns about these journalists’ conduct.

“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,” Tether wrote.

Tether and Bitfinex said they are making this concession as evidence of their commitment to responsible business practices and transparency.

However, they pointed out that the concession “does not mean a wholesale release” of all their documents as this “approach is not in line with standard business practices.” The firm stated:

“Transparency does not equate to unrestricted public disclosure of all documents.”

The companies furthered that they remain open to constructive engagement with journalists and regulatory authorities who adhere to ethical reporting standards, respect data privacy boundaries, and urge “responsible document review and handling” before any public release.

CryptoSlate has requested additional details about the FOIL request from Tether and Bitfinex.

Meanwhile, this is not the first time that Tether is dropping its opposition to an FOIL. Earlier in the year, the company dropped an opposition to an FOIL filed by CoinDesk. At the time, it said it allowed the request to proceed because it is committed to transparency and openness over “time-consuming and unproductive” litigations.

During the past several years, Tether and Bitfinex’s relationship has come under heavy scrutiny as the Hong Kong-based iFinex Inc owns them.

Posted In: New York, US, Legal

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