Tether to Freeze Wallets Linked to Sanctions Evasion in Venezuela

Stablecoin issuer Tether has announced that it will freeze wallets using USDT to evade sanctions on oil exports in Venezuela. This decision comes after reports that Venezuela's state-run oil company PDVSA increased its use of tether following the US's decision to reimpose sanctions. Tether has already frozen 41 wallets tied to the US Treasury Department's Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list in December. The use of cryptocurrencies allows PDVSA and its counterparties to avoid transacting in cash that could be seized by the US in foreign bank accounts.