Is USDT no longer welcome in Canada? Crypto.com just sent a statement to its Canadian users, explaining that they will soon no longer be able to access the Tether stablecoin. Why was this decision made?
Tether USDT Removed from List for Canadian Crypto.com Users
Several users reported receiving an email from Crypto.com informing them that USDT would no longer be supported. The email, which does not immediately mention the geographical area, caused a small wind of panic to blow… Before you know it, USDT will be banned”in your jurisdictionaccording to the email, i.e. Canada:
#USDT will be removed from the list and will no longer be supported in #crypto.com app .. this doesn’t look good for #To tie pic.twitter.com/JeS5P9idlC
— Giancarlo Cecco (@GiancarloCecco) January 10, 2023
“Wire (USDT) it will no longer be supported on the Crypto.com App. […] All USDT transactions will be suspended.»
The company announces that it has taken this decision in compliance with the instructions of the Ontario Securities Commission (OSC), the equivalent of the US SEC. Users have until January 31st to transfer their USDT. After this time, they will automatically exchange for USDC.
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Canada, historically cautious with Tether’s USDT?
Historically, Canada exchanges they have sometimes been reluctant to quote USDT. Two local services, Coinberry and Wealthsimple, therefore ceased offering USDT on their platforms during the year 2021. Additionally, Canadian securities regulators indicated last month that they would monitor stablecoins more closely, particularly following of the collapse of FTX.
Stopping offering USDT on an exchange is not trivial. Tether offers the largest dollar stablecoin, by market cap which currently stands at $66 billion. This shows the ecosystem’s distrust of the latter, which is nothing new, but has been renewed after the fall of the Terra ecosystem and its stablecoin UST.
Tether had to communicate in November to reassure a community concerned about a possible “depeg” : USDT then lost parity with the dollar and briefly touched $0.96. But the stablecoin remains the most used, and even allowed itself the luxury of worrying its rival USDC a few weeks ago.
USDT is unlikely to be delisted by any Crypto.com, but the move still reminds us of the key role stablecoins play for the ecosystem. as well as the need for them to be solid…and accessible.
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Source: Crypto.com
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Cryptoast reporter, I fell into the cryptocurrency pot a few years ago. I am passionate about the innovative technologies that come with the blockchain and I like to find the sharpest information to share with you.
Marine Debelloir
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