Tether CEO Interview: It's sad to take pleasure in Binance's misfortune, Tether is currently attempting a full audit.

Bitfinex CTO and Tether CEO Paolo Ardoino interviewed by Fortune magazine, where he discussed the Binance incident, Tether being frequently targeted by FUD, and the progress of Tether's audit.

Sympathy for the Misfortune of Binance Critics

Paolo Ardoino was asked about his thoughts on Binance reaching a settlement with the U.S. Department of Justice.

He mentioned that unlike Bitfinex, Tether, and other competitors, they do not take pleasure in kicking Binance when it's down:

I think some CEOs have been too self-righteous after the incident, which is very sad, only thinking about their own company, not seeking progress at all, or surviving only because of the downfall of other companies.

Despite this, Paolo Ardoino emphasized the differences between Bitfinex and Binance, stating that Bitfinex is smaller in scale and has decided to become even smaller.

He claimed that Bitfinex has missed out on many opportunities due to factors such as compliance and technological development.

Media's Love for FTX and FUD Tether

Paolo Ardoino mentioned that before October last year, all mainstream media supported FTX, but distanced themselves after FTX went bankrupt, yet the voices hoping for Tether's collapse have never diminished.

He also pointed out that the banking crisis earlier this year was caused by excessive leverage, with Silicon Valley Bank, Signature, and Silvergate all going bankrupt in succession:

Therefore, when I hear bankers and crypto companies accusing Tether, I always remind them to take care of their own problems first.

Did Tether invest the $3.2 billion excess reserves from the third quarter and make $1 billion in profit?

Why Hasn't Tether Undergone a Comprehensive Audit Yet?

Paolo Ardoino countered that some large crypto companies are seen as heroes in the crypto field, but these institutions have not undergone a comprehensive audit either.

Of course, it's not that Tether is unwilling to undergo a comprehensive audit. He emphasized that Tether has always been trying and is in the process of introducing large auditing firms for a comprehensive audit, but regulatory factors make it difficult to achieve:

Look at what happened in the U.S. Congress, legislators are suggesting that auditing firms should not accept crypto-related clients, and auditing firms accepting new clients like crypto companies may bring significant responsibilities, especially after the FTX incident.

Threat or Reminder? SEC Warns Accounting Firms: Ambiguous Audits Involving Crypto Companies May Be Illegal