Crypto.com delists USDT for Canadian users following OSC ban

According to idiosyncratic reports connected Jan 10, cryptocurrency speech Crypto.com plans to delist Tether (USDT) for Canadian users effectual Jan 31, 2023. According to the firm, if users bash not retreat oregon person their USDT assets by the deadline, past their Tether volition beryllium automatically converted into USD Coin (USDC). 

"You whitethorn incur a retrieval interest if deposits of USDT are made from outer wallets aft this suspension period, and money retrieval whitethorn not beryllium imaginable successful immoderate cases."

In August 2022, Crypto.com announced that the Ontario Securities Commission had accepted the firm's pre-registration undertaking for operations successful Canada. As portion of regulatory requirements, cryptocurrency exchanges operating successful the Canadian state of Ontario are prohibited from listing integer assets banned by the OSC, which includes USDT. Similarly, Coinsquare, a cryptocurrency speech regulated by the Investment Industry Regulatory Organization of Canada (IIROC), presently does not database USDT arsenic 1 of its disposable trading assets. 

crypto dot com to delist USDT pic.twitter.com/3KD0gJlMkE

— chortly (@charlestrussel) January 10, 2023

In issuing its decision, the OSC ne'er explained the rationale down its Tether ban. However, a papers unsealed connected Feb 17, 2021, stated that "the lone U.S. dollars held by Tether ostensibly backing the astir 442 cardinal tethers successful circulation was the astir $61 cardinal connected deposit astatine the Bank of Montreal." until Sept 15, 2017. Meanwhile, experts have, from clip to time, questioned the authenticity of Tether's reserves and its audits. 

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Currently, each prospective cryptocurrency exchanges must registry with the IIROC if they privation to run successful Canada. Exchanges specified arsenic Binance, Bybit, and Huobi, person faced issues with the OSC successful the past regarding their regulatory status.