Cryptocurrency exchange Crypto.com delists Tether’s stablecoin USDT from its platform for users in Canada.
A Crypto.com spokesperson noted, “Crypto.com has delisted USDT for users in Canada in accordance with instructions from the Ontario Securities Commission (OSC) as part of our pre-registration undertaking for a restricted dealer license.”
The email from the platform indicated that Crypto.com will stop supporting USDT from January 31, 2023, without specifying that only Canadian users would be impacted, which caused some confusion in the community.
The exchange informed users that following the deadline, no USDT trading, deposits, or withdrawals will be permitted. The email urged users to examine their USDT balances immediately and take any necessary steps.
Any USDT balances that remain will “automatically” be transferred to Circle’s USDC stablecoin. The exchange further said that it might not be feasible or may cost some money for USDT deposition from external wallets after the deadline.
Just last month, the Canadian Securities Administrator updated regulations for crypto trading platforms operating in Canada and placed a prohibition on crypto margin and leverage trading.
The CSA stated that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives.
Following the delisting revelation, a Tether spokesperson stated “Canada is not a core market for Tether. While this does not mean that we will abandon our interest in ensuring that Tether products can be used beyond any borders, we abide by regulatory guidelines.”
Also Read: Coinbase encourages its Users to Swap from USDT to USDC