Well you're right, retail banks and central banks do operate fractional reserves. The problem is that Tether/Bitfinex claim every single Tether is backed by a d

Well you're right, retail banks and central banks do operate fractional reserves. The problem is that Tether/Bitfinex claim every single Tether is backed by a dollar but they are lying. If they want to operate a fractional reserve, why not register as a bank legally?