Crypto.com to delist USDT for Canadians

Cryptocurrency speech Crypto.com volition delist USDT and USDT trading pairs connected its app and level for residents successful Canada connected Jan. 31 astatine 06:00 UTC, according to an email shared with the users of the jurisdiction.

The steadfast has urged Canadian users to reappraisal their USDT balances, arsenic Crypto.com volition suspend each USDT transactions aft the above-mentioned date.

Crypto.com has besides announced that it volition cancel each USDT spot orders, and won’t recognition immoderate USDT deposited successful the crypto.com wallet aft January 31. However, immoderate remaining USDT balances would beryllium converted to USDC.

A spokesperson astatine Crypto.com responded to CryptoSlate’s queries regarding the delisting by stating that the caller determination followed instructions from the Ontario Securities Commission nether the presumption of its registration undertaking for a restricted trader license.

This comes aft the CSA announced past December that it would fortify its oversight of crypto trading platforms. A strategical extremity of the CSA’s 2022-2025 Business Plan was to survey the regulatory implications of stablecoins successful the superior markets, including their usage to commercialized crypto assets.

After the fallout of FTX, Crypto.com is nether accent arsenic plus outflows from the speech person increased. Nonetheless, the speech attempted to easiness tensions by partially disclosing its reserves done an audit report by Mazars Group, showing that each lawsuit deposits are backed 1:1 by reserves.

Despite this, assemblage fears remained arsenic determination were questions astir whether crypto.com was solvent. Later, Mazars deleted the leafage displaying audit reports from its website.

The station Crypto.com to delist USDT for Canadians appeared archetypal connected CryptoSlate.