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Crypto.com Will Delist Tether In Canada To Comply With Ontario Regulator - Slash...
source link: https://news.slashdot.org/story/23/01/11/2149234/cryptocom-will-delist-tether-in-canada-to-comply-with-ontario-regulator
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Crypto.com Will Delist Tether In Canada To Comply With Ontario Regulator
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Cryptocurrency exchange Crypto.com will no longer facilitate transactions involving Tether in Canada and plans to delist the largest stablecoin by market capitalization for customers in the region. Decrypt reports: "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," a spokesperson for Crypto.com told Decrypt. Canadian users of the exchange were notified about the company's change in policy on Tuesday via email, as images of the delisting notice began to crop on both Reddit and Twitter.
The notice stated Crypto.com's support of Tether will end on Jan. 31, without specifically stating users in Canada would only be affected, prompting confusion on behalf of some on social media. The exchange warned users that all trading, deposits, and withdrawals will not be facilitated after the deadline. "Please take urgent action to review your USDT balance and take necessary action," the notice stated. Any remaining USDT balances would "automatically" be converted to Circle's USD Coin, another stablecoin that tracks the price of the dollar. The exchange also stated the retrieval of USDT deposits made after the deadline may not be possible or warrant some fees.
The notice stated Crypto.com's support of Tether will end on Jan. 31, without specifically stating users in Canada would only be affected, prompting confusion on behalf of some on social media. The exchange warned users that all trading, deposits, and withdrawals will not be facilitated after the deadline. "Please take urgent action to review your USDT balance and take necessary action," the notice stated. Any remaining USDT balances would "automatically" be converted to Circle's USD Coin, another stablecoin that tracks the price of the dollar. The exchange also stated the retrieval of USDT deposits made after the deadline may not be possible or warrant some fees.
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