Crypto giants quietly dissolve T3 Financial Crime Unit, Bloomberg reports
A joint anti-illicit-finance initiative formed by Tron, Tether, Binance, and TRM Labs was quietly dissolved in August following issues with slow response times, according to Bloomberg.
The T3 Financial Crime Unit, an anti-crime initiative formed by major cryptocurrency industry players Tron, Tether, Binance, and TRM Labs, was quietly shut down in August, according to a Bloomberg report by Ryan Weeks citing sources.[1][2][3]
The collaboration, designed to curb illicit activity across the digital asset ecosystem, dissolved due to slow response times and poor coordination among the participating organizations. Before shuttering, the joint unit had frozen $250 million in assets.[1][2][3]
Key facts
- The T3 Financial Crime Unit was established as an initiative among Tron, Tether, Binance, and TRM Labs to curb illicit crypto activity.
- Bloomberg reported that the unit was quietly dissolved in August.
- Sources attributed the shutdown to slow response times and poor coordination.
- The unit froze $250 million in assets prior to its dissolution.
Sources · 3 sources
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TechmemeArticle ·
Sources: Tron, Tether, Binance, and TRM Labs' T3 Financial Crime Unit quietly dissolved in August due to slow response times, after freezing $250M in assets (Ryan Weeks/Bloomberg) Ryan Weeks / Bloomberg : Sources: Tron, Tether, Binance, and TRM Labs' T3 Financial Crime Unit quietly dissolved in August due to slow response times, after freezing $250M in assets — An initiative set up by some of crypto's largest companies to curb illicit activity has quietly been dissolved …
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Cointelegraph@CointelegraphPost on X ·
⚡️ LATEST: Crypto giants Tron, Tether, and Binance have quietly shut down their T3 Financial Crime Unit over slow response times and poor coordination, per Bloomberg. https://t.co/1e0oRllI22
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Techmeme@TechmemePost on X ·
Sources: Tron, Tether, Binance, and TRM Labs' T3 Financial Crime Unit quietly dissolved in August due to slow response times, after freezing $250M in assets (@ryanjamesweeks / Bloomberg) (Visit Techmeme dot com for the link and full context!)
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