November 24 Tether and Bitfinex agree to drop opposition to FOIL request
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Tether and Bitfinex place a high value on transparency, a fundamental principle in the cryptocurrency industry. Our commitment to transparency is demonstrated by our previous actions, such as Tether dropping opposition to a New York Freedom of Information Act (FOIL) request filed by Coindesk earlier this year. However, it is necessary to clarify that transparency does not mean the wholesale release of all our documents. This approach is not consistent with standard business practices.
Despite concerns that have arisen about the nature of the recent NY FOIL request received by Tether and Bitfinex, particularly in light of some of the behavior exhibited by the journalists who filed this request, including Zeke Faux, Shane Shifflett, and Ada Hui, we want to make it clear that Tether and Bitfinex They will not appeal this FOIL request again. Our decision is rooted in our unwavering commitment to transparency and our belief that we have nothing to hide.
Zeke Faux's previous work on Tether and Bitfinex has at times 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 ethical standard and lead by example.
Our commitment to transparency never compromises our commitment to handle business information responsibly. We are open to constructive engagement with journalists and regulatory authorities who adhere to ethical reporting standards and respect the boundaries of data privacy. We also believe that reviewing and handling documents responsibly is essential prior to any public release, and we emphasize that transparency does not mean unrestricted public disclosure of all documents.
Both Bitfinex and Tether are considered the most transparent companies in their industries, and we are committed to maintaining that reputation. Our decision not to appeal this FOIL request reinforces our commitment to responsible business practices and transparency.
