Categories: MarketsMenafn

Tether’s Revised Terms of Service In Singapore Have Implications For Bake.io Users

Recent adjustments to Tether’s Terms of Service (ToS) have raised eyebrows across the global crypto community, particularly in Singapore. These amendments, primarily to the redemption of Tether’s stablecoin, USDT, have broader implications for the crypto ecosystem in the region. It will hinder the ability to convert USDT to USD for Bake.io users, among others. 

Tether’s Policy Shift: The Core Changes

The essence of Tether’s revised ToS centers on its onboarding criteria. Specifically, Tether has imposed constraints that prevent “corporates controlled by another entity, directors, and shareholders” based in Singapore from becoming or continuing as its customers. Furthermore, Tether emphasized that any platform “controlled by another corporation in Singapore” would face restrictions, which in effect bans them from issuance or redemption on the platform.

Julian Hosp, CEO and co-founder of decentralized finance protocol Bake.io (formerly Cake DeFi), recently illuminated this development through a correspondence. The email, sent to Hosp by Tether, underscored that USDT could no longer be redeemed for U.S. dollars due to the updated ToS.

Interestingly, Hosp is uncertain about Bake.io’s ability to convert USDT into U.S. dollars, especially given their Singaporean base. Some in the industry opine this could be an issue unique to Bake.io. They hint at possible enhanced due diligence (EDD) flags or even a deeper partnership contention between Bake.io and Tether.

Community Speculations and Broader Implications for Bake.io

This ToS revision has undeniably resonated in various crypto quarters. Several crypto users drew attention to the timing of Tether’s change. They noted its coincidence with a massive cryptocurrency money laundering scandal in Singapore, with assets seized now surpassing $2 billion.

Moreover, the phrase “controlled by another entity” stirred confusion among many, including Bake.io. The ambiguity of such terms, combined with the broader shifts in Tether’s policies, opens up many questions regarding the future trajectory of the crypto landscape in Singapore.

While the exact motive behind Tether’s ToS adjustments remains somewhat elusive, it’s evident that their ripple effects are far-reaching. Things look rather bleak with a cloud of uncertainty hovering over entities like Bake.io.

The post Tether’s Revised Terms of Service In Singapore Have Implications For Bake.io Users appeared first on CryptoMode.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Mubite Officially Launches as a Global Leader in Crypto Prop Trading

Prague, Czech Republic, October 6, 2025, ZEX PR WIRE— The future of funded crypto trading…

1 day ago

CZ Effect: Binance Lists Aster (ASTER) With Seed Tag After Weeks Of Hype

Aster’s native token, ASTER, has ridden a powerful endorsement cycle after Changpeng “CZ” Zhao publicly…

2 days ago

Verto Establishes DIFC Hub to Enable Faster, Smarter B2B Payments Across Africa and Emerging Markets

UAE now has a payment partner that unlocks Africa’s growing economic opportunity DUBAI, UAE, 6…

2 days ago

Guinness World Records Attempt in Forex Industry is announced

Dubai, UAE, 5th October, 2025, ZEX PR WIRE, Forex Expo Dubai, the Middle East’s largest…

2 days ago

Reliable Airport Taxi Service: Guaranteed Pickups, No Delays

London, England, 5th October 2025, ZEX PR WIRE, In today’s travel landscape, reliability has become…

2 days ago

Forex Expo Dubai 2025 Conference to Feature 150+ Global FX and Fintech Leaders

Part of the region’s largest forex and fintech gathering, the two-day conference on 6–7 October…

4 days ago