Tether does seem to suffer from exact same problems as LR though, no?
It’s structured in a manner that makes it trivial to establish third party exchangers with no KYC processes. There is no KYC for individual Tether users, who only need to generate a bitcoin address to get started.
Only time they do KYC is when you want to exchange via Tether website directly, which is no different from what LR did IIRC.
