De-list USDT from Binance

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Arvin Bhangu
Arvin Bhangu signed this petition

Request to remove USDT (Tether) from the Binance ecosystem comprising Binance websites (whose domain names include but are not limited to  https://www.binance.com mobile applications, clients, applets and other applications that are developed to offer Binance Services, and includes independently-operated platforms, websites and clients within the ecosystem (e.g. Binance’s Open Platform, Binance Launchpad, Binance Labs, Binance Charity, Binance DEX, Binance X, JEX, Trust Wallet, and fiat gateways).

Tether has executed sophisticated schemes to fraudulently inflate the price of cryptocommodities: digital assets that include Bitcoin, and Ethereum. In April 2019, Tether stated the stablecoin is only backed by 74% cash. In May 2020, it was estimated that the number had shrunk to 19% backed by cash, and securities. Tether has caused irreparable damage to the cryptocommodities market, and to purchasers of cryptocommodities.

"Tether is a digital token pegged to fiat currency through a 1:1 reserve backing." - https://www.tether.to

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"The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." - Satoshi Nakamoto