Bitfinex Announces Support for Tron USDT Deposits

On the 30^th of July, Bitfinex announced that they would be providing full support to Tron. This support will enable the deposits and withdrawals of Tron-based USDt to Bitfinex. Users will be able to make deposits by visiting their site. However, they will require full KYC verification before making any USDt deposits and withdrawals to Bitfinex.

USDt is based on TRC20 and operates under the Tron protocol. The Tether token was announced in March 2019. It helps in the facilitation of fiat-pegged tokens across Tron’s blockchain network. Because of this, Tron-based applications have received vast access and interoperability.

Bitfinex is Facing a Legal Battle Against NYAG’s Office

The announcement by Bitfinex comes in the wake of a legal battle surrounding the crypto exchange. Bitfinex and its sister company, Tether, are involved in an ongoing case with the New-York Attorney General’s office. The office claims that the trading site could not account for an $850 million loss held by Crypto Capital, one of their crucial payment processors. Tether allegedly lent $900 million to Bitfinex to help cover up the damage. The two companies claimed that there was no cover-up and that the NYAG’s office had no jurisdiction in the case. 

Bitfinex announced the support for USDt deposits and withdrawals shortly after Joel M. Cohen, the Supreme Court judge, granted an extension before making a ruling on the case. Following this extension, the decision could be delayed for another 90 days.

Bitfinex Has Faith in Project Despite Tron’s Negative Publicity

The announcement is also an indication that Bitfinex still has faith in the project, even after the negative publicity by Tron’s founder. Justin Sun has been in the crypto limelight recently following allegations of money laundering, illegal fundraising, and spreading pornography. These accusations allegedly caused the Chinese authorities to intervene and bar Sun from leaving the country. However, Roy Liu, a top executive for Tron, announced on the 26^th of July that Sun had signed his release forms and that he was getting back to business.Thanks to these different sagas, the crypto scene received the news of the new addition with considerable skepticism. However, it seems from the announcement that the corporate partnership is bound to last for a long time to come. The statement read in part, “Through the creation of a stable fiat-pegged blockchain asset, Tether has rapidly evolved to become the most popular stable coin product amongst traders in the digital currency space.”