Crypto.com to Delist Tether for Canadian Users
Crypto.com Plans to Delist USDT
Cryptocurrency exchange Crypto.com is set to delist Tether (USDT) for its Canadian users, effective January 31. Users have been advised to withdraw or convert their USDT holdings before this date. If they fail to do so, the exchange will automatically convert their Tether into USD Coin (USDC).
Regulatory Compliance in Canada
This move aligns with regulatory requirements set by Canadian authorities. Crypto.com had its operations in Canada pre-registered with the Ontario Securities Commission (OSC) in August. The OSC prohibits cryptocurrency exchanges in Ontario from listing digital assets that it bans, including USDT.
Industry-Wide Compliance
Crypto.com isn't the only exchange adhering to these regulations. Coinsquare, another prominent cryptocurrency exchange governed by the Investment Industry Regulatory Organization of Canada (IIROC), also does not offer USDT as a trading option. This adherence to regulatory standards is crucial for exchanges operating within Canada.
Implications for Canadian Users
For Canadian users of Crypto.com, the delisting means they need to take action regarding their USDT assets. The automatic conversion to USDC ensures compliance but requires users to adapt their portfolio strategies accordingly. This highlights the ongoing impact of regulatory decisions on cryptocurrency trading and asset management in Canada.
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