Tether has appointed Simon McWilliams as his new CFO (CFO) as the leading stableecoin issuer is moving towards the end of a full financial audit.

McWilliams, a CFO with over 20 years of experience, is ready to lead Tether’s transparency and regulatory commitment.

According to the company’s notice, the appointment represents a “firm obligation to conduct a full revision, a crucial step in raising industrial standards and strengthening legislative commitment.”

Tether is currently publishing quarterly certificates of its reserves verified by the accounting company BDO, but it has not yet undergone a full independent audit. The company has for years been facing criticism about its reserves, with various critics who suggested that the company did not have enough reserves to fully support usd in circulation.

Back in 2021, the New York Attorney General’s Office settled with BitFinex over a 22-month survey of whether the stock exchange covered a loss of $ 850 million in customer and corporate funds. This study found that “Tether’s claims that its virtual currency was fully backed by US dollars at all times was a lie.”