Tether’s Stablecoin USDT delisted from Crypto.com for Canadian Users

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By Degen Lipsa

According to an email provided to consumers by the company, one of the largest exchanges in the world by volume, Crypto.com, will remove the dollar-linked stablecoin USDT from its trading platform for Canadian users.

Crypto.com sends an email regarding the ban of USDT to it’s existing userbase

source- Reddit

In the email, a representative for the exchange stated that the decision was made “in compliance with instructions from the Ontario Securities Commission (OSC) as part of our pre-registration commitment for a restricted dealer licence.”

Users will have until January 31 to withdraw or swap USDT for any other currency. All USDT balances will automatically convert to Circle’s USDC stablecoin if this is not done.

It has been reported by Reddit user zoomercoomer9000 that Canadian regulators issued a statement in late December prohibiting cryptocurrency exchanges from enabling Canadian consumers to trade cryptocurrencies that “are itself a security and/or derivative.” While majority of Community members are not so happy with the decision and made different verdicts on the issue, there are people who view this action as an opportunity for cryptocurrencies to become more widespread.

However, Crypto.com has not made this news official or has disclosed whether it’s a permanent ban or a temporary one. Hence, it’s applicable till further notice.

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