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Crypto.com has removed Tether from its Canadian service under OFSC rules

Following the bankruptcy of FTX, the Canadian Securities Administrators have pledged to strengthen monitoring of crypto exchanges.

To better serve its Canadian consumers, cryptocurrency trading platform Crypto.com has decided to delist Tether, the biggest stablecoin by market value. On Tuesday, the business emailed Canadian users of the exchange to inform them of the new policy.

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.

Crypto.com spokesperson said

Some people on social media were confused by the announcement, which indicated that Crypto.com will no longer be supporting Tether as of January 31 but didn’t specify that this would solely effect Canadian customers. After the deadline, the exchange said it would no longer process trades, deposits, or withdrawals. The letter urged recipients to “take immediate action” by checking their USDT balances and making any required changes.

It has been proposed that any leftover USDT balances be “automatically” changed to Circle’s USD Coin, another stablecoin that follows the price of the dollar. The exchange warned that late USDT deposits may not be retrievable or might incur fines.

The Canadian Securities Administrators (CSA), the country’s premier securities regulatory body comprised of regulators from 10 provinces and three territories, announced last month that it would increase its oversight of cryptocurrency exchanges by “expanding existing requirements.” for trading platforms operating locally. The Canadian Securities Administrators said that it “continues to monitor and evaluate the existence and usefulness of stablecoins in Canadian capital markets.” based on a press release.

Crypto.com reported in August that their pre-registration endeavor for Canadian operations was approved by the Ontario Securities Commission. There is a prohibition on listing USDT and other digital assets that have been deemed illegal by the Ontario Securities Commission (OSC) on cryptocurrency exchanges operating in Ontario. Also, IIROC authorized cryptocurrency exchange Coinsquare does not presently offer USDT as a trading instrument.

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