Crypto.com announces USDT delisting for Canadian users

All trading pairs with the stablecoin will be removed from the platform

11.01.2023 - 14:15

521

2 min

What’s new? Cryptocurrency exchange Crypto.com sent out a notice to Canadian users about the termination of support for USDT stablecoin from the Tether issuer. Starting January 31, the stablecoin and all related trading pairs will be removed from the platform. On January 10 a Twitter user with the pseudonym chortly announced this.

crypto dot com to delist USDT pic.twitter.com/3KD0gJlMkE — chortly (@charlestrussel) January 10, 2023

What else is known? The notice informs about the need to withdraw or convert funds until January 31, 2023. After that date, all transactions with stablecoin will be suspended. Open orders will be canceled and user balances in USDT will be forcibly converted to the USD Coin (USDC) stablecoin from the Circle issuer.

According to Decrypt, the exclusion of USDT from the list of supported assets is due to the need to comply with Ontario Securities Commission (OSC) instructions as part of the platform’s obligations to pre-register for a limited dealer license.

Material on the Decrypt website

USDT is the largest centralized stablecoin on the market, it ranks third in the overall cryptocurrency ranking with a capitalization of $66,3 billion, according to CoinGecko. At the end of December 2022, CryptoQuant experts analyzed blockchain data about USDT due to criticism from WSJ and Bloomberg publications, which questioned the stability of the coin. CryptoQuant data showed that USDT remains stable even in the face of growing redemptions due to ongoing market turmoil.

Author: