Tether Hires Former Bank Analyst as Chief Compliance Officer

Tether, the company behind the dollar-tied USDT, has hired a chief compliance officer from the eighth-largest bank in North America.

Jul 12, 2018 at 5:40 p.m. UTC
Updated Sep 13, 2021 at 8:09 a.m. UTC

Tether, the company behind the controversial, dollar-tied "stablecoin" known as USDT, has hired a chief compliance officer from the eighth-largest bank in North America.

Leonard Real is a former anti-money laundering (AML) analyst for the Bank of Montreal, where he worked for four years in three different positions.

The hiring announcement comes less than a month after Tether released the results of a review by Freeh Sporkin & Sullivan, LLP which stated the law firm was "confident" the USDT token is fully backed by dollar reserves.

That review, which itself came months after the relationship between Tether and auditing firm Friedman "dissolved," largely failed to assuage critics, who assert that the token isn't fully backed and has been used as a tool to inflate cryptocurrency prices.

, Real said that he looks forward to "helping showcase Tether's commitment to transparency and regulatory compliance within the blockchain and cryptocurrency space."

"As a longtime advocate of blockchain technology and the integration of cryptocurrencies into the mainstream, I am looking forward to putting my experience in AML and regulatory compliance in traditional financial institutions to use, to ensure that the Tether project can continue its work disrupting traditional industries," he went on to say.

Tether has overlapping management and ownership with the cryptocurrency exchange Bitfinex, which earlier this year tapped a former Bank of Montreal executive to serve as its chief compliance officer.

As reported at the time by Crowdfund Insider, Bitfinex hired former BMO director of AML Peter Warrack in May.

Bank of Montreal image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Nansen Research Debunks Single 'Attacker' Myth in Terra's Collapse

The TerraUSD stablecoin collapsed for one reason: big holders didn't trust it.

The TerraUSD stablecoin collapsed for one reason: big holders didn't trust it.

CoinDesk - Unknown
2
CoinDesk - Unknown
Siam Commercial Bank Is Chasing DeFi Yield Through Compound

The bank’s venture arm, SCB 10X, is using Compound Treasury’s 4% yield service via the Fireblocks custody platform.

The bank’s venture arm, SCB 10X, is using Compound Treasury’s 4% yield service via the Fireblocks custody platform.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto News Roundup for May 27, 2022

We’re talking about bitcoin, when Skreli met Crypto, Ether is closing in May at 35% down, as investors look to safer risk profile investments. CoinDesk’s Markets Daily is back with the latest news roundup.

We’re talking about bitcoin, when Skreli met Crypto, Ether is closing in May at 35% down, as investors look to safer risk profile investments. CoinDesk’s Markets Daily is back with the latest news roundup.

CoinDesk - Unknown
4
CoinDesk - Unknown
What Happens if You’re Sexually Assaulted in the Metaverse?

This new technological medium may not need a new set of laws, but existing rules may need to be updated.

This new technological medium may not need a new set of laws, but existing rules may need to be updated.

CoinDesk - Unknown