MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

CryptoCom To Delist USDT in Canada Due To Regulatory Pressures

January 10, 2023
in Regulations
Reading Time: 3 mins read
A A
CryptoCom To Delist USDT in Canada Due To Regulatory Pressures
ShareShareShareShareShare

On January 9, Crypto.com announced the delisting of USDT —the most important stablecoin in the crypto ecosystem— in Canada to comply with the country’s regulations.

Several users on Reddit and Twitter reported that Crypto.com sent an email informing Canadian users of the decision.

Source: Reddit

Canadians Must Get Rid of Their USDT Before January 31

According to the statement, users will have until January 31 to withdraw or exchange USDT for any other currency. Failure to do so will result in all USDT balances automatically converting to Circle’s USDC stablecoin.

Reddit user zoomercoomer9000 confirmed that Canadian regulators issued a statement in late December informing that cryptocurrency platforms that are registered or in the process of registering were prohibited from allowing Canadian customers to trade cryptocurrencies that “are themselves a security and/or derivative.”

“As a result of this ongoing work, the CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives. Crypto trading platforms that are registered or that have entered into a pre-registration undertaking are reminded that they are prohibited from permitting Canadian clients to trade, or obtain exposure to, any crypto asset that is itself a security and/or a derivative.”

Community Speculates on What Happened —And Why

For many users, the delisting of USDT in Canada was seen as a glimpse of what could happen globally if regulators in other countries decide to attack cryptocurrencies with more burdensome regulations.

Others argued that the cause of the delisting was Crypto.Com’s good relationship with Circle, the issuer of USDC and that it was all a “business deal” to eliminate competition. Something very similar to what Binance did against USDC.

User zoomercoomer9000 added that “Tether has a pretty shady history,” explaining that they previously lied about their 1:1 peg to the US dollar and did not disclose their association with Bitfinex until it was exposed in the Paradise Papers.

Meanwhile, other users reported that the delisting of USDT is “a big problem for Canadians,” as it leaves them with fewer options for earning interest on their money.

While the vast majority were unhappy with the actions taken by Crypto.com, other users indicated that regulations are the only way for cryptocurrencies to become more widespread and for big players to enter the ecosystem.

So far, Crypto.Com has not made an official statement on the issue but did confirm the decision to other media. They also did not clarify if this was a temporary or permanent ban, so it must be taken as effective until further notice.

 

 

 

 

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Credit: Source link

ShareSendTweetPinShare
Previous Post

Crypto Service Tap Global Gets First 2023 UK Stock Market Listing.

Next Post

Letter: Trial and error may be the way to regulate crypto

Next Post
Letter: Trial and error may be the way to regulate crypto

Letter: Trial and error may be the way to regulate crypto

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

Moondogs Partner With YoungParrot to Launch NFT on Core DAO

Moondogs Partner With YoungParrot to Launch NFT on Core DAO

January 26, 2023
Holo Token Price Soars 6% To $0.02 On Holochain News

Holo Token Price Soars 6% To $0.02 On Holochain News

January 28, 2023
S Korean Police Probe Possible $8m Crypto Scam

S Korean Police Probe Possible $8m Crypto Scam

January 31, 2023
How Chiliz NFT collection launch may offer therapy for CHZ investors

How Chiliz NFT collection launch may offer therapy for CHZ investors

January 30, 2023
ChatGPT parent OpenAI faces a blockchain rival as a new NFT project creates 3D avatars from text

ChatGPT parent OpenAI faces a blockchain rival as a new NFT project creates 3D avatars from text

January 31, 2023
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • HSBC is looking for a top executive to work with asset tokenization
  • Squiggles NFT Founders Face Federal Grand Jury Investigation
  • Coloradans lost about $25M in 2021 to crypto scams

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 23,823.00 1.49%
  • ethereumEthereum (ETH) $ 1,676.91 3.04%
  • tetherTether (USDT) $ 1.00 0.12%
  • bnbBNB (BNB) $ 328.69 4.39%
  • usd-coinUSD Coin (USDC) $ 1.00 0.42%
  • xrpXRP (XRP) $ 0.414814 0.84%
  • binance-usdBinance USD (BUSD) $ 1.00 0.33%
  • cardanoCardano (ADA) $ 0.405363 3.64%
  • dogecoinDogecoin (DOGE) $ 0.093004 0.23%
  • matic-networkPolygon (MATIC) $ 1.22 5.61%
  • okbOKB (OKB) $ 40.46 8.3%
  • solanaSolana (SOL) $ 25.01 2.23%
  • staked-etherLido Staked Ether (STETH) $ 1,671.02 3.01%
  • polkadotPolkadot (DOT) $ 6.71 5.38%
  • shiba-inuShiba Inu (SHIB) $ 0.000012 4.95%
  • litecoinLitecoin (LTC) $ 99.97 2.55%
  • avalanche-2Avalanche (AVAX) $ 22.06 9.44%
  • tronTRON (TRX) $ 0.064502 2.67%
  • uniswapUniswap (UNI) $ 7.29 8.14%
  • daiDai (DAI) $ 1.00 0.34%
  • cosmosCosmos Hub (ATOM) $ 14.60 0.69%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,817.00 1.5%
  • chainlinkChainlink (LINK) $ 7.31 3.01%
  • the-open-networkToncoin (TON) $ 2.36 1.12%
  • moneroMonero (XMR) $ 176.51 0.06%
  • ethereum-classicEthereum Classic (ETC) $ 22.80 3.33%
  • leo-tokenLEO Token (LEO) $ 3.36 1.13%
  • aptosAptos (APT) $ 17.66 4.33%
  • bitcoin-cashBitcoin Cash (BCH) $ 139.29 3.78%
  • stellarStellar (XLM) $ 0.093367 2.44%
  • apecoinApeCoin (APE) $ 6.08 2.05%
  • nearNEAR Protocol (NEAR) $ 2.51 6.19%
  • quant-networkQuant (QNT) $ 146.41 1.29%
  • filecoinFilecoin (FIL) $ 5.63 0.05%
  • crypto-com-chainCronos (CRO) $ 0.081571 2.54%
  • lido-daoLido DAO (LDO) $ 2.39 3.89%
  • algorandAlgorand (ALGO) $ 0.261720 5.5%
  • hedera-hashgraphHedera (HBAR) $ 0.068851 0.12%
  • vechainVeChain (VET) $ 0.024500 1.13%
  • fantomFantom (FTM) $ 0.619101 11.5%
  • internet-computerInternet Computer (ICP) $ 5.95 1.83%
  • decentralandDecentraland (MANA) $ 0.808609 6.85%
  • axie-infinityAxie Infinity (AXS) $ 11.57 5.23%
  • aaveAave (AAVE) $ 91.75 5.83%
  • the-sandboxThe Sandbox (SAND) $ 0.771237 4.51%
  • eosEOS (EOS) $ 1.09 3.63%
  • flowFlow (FLOW) $ 1.14 4.5%
  • elrond-erd-2MultiversX (EGLD) $ 45.82 6.09%
  • theta-tokenTheta Network (THETA) $ 1.10 5.03%
  • tezosTezos (XTZ) $ 1.12 3.94%