• Crypto.com will delist USDT for Canadian users on January 31st at 06:00 UTC.
• The decision to delist USDT follows instructions from the Ontario Securities Commission.
• Canadian users are encouraged to review their USDT balances and no USDT transactions will be accepted after the delisting date.
Cryptocurrency exchange Crypto.com is set to delist USDT and its associated trading pairs from its app and platform for users in Canada starting on January 31 at 06:00 UTC. The decision to delist USDT comes after instructions from the Ontario Securities Commission under the terms of Crypto.com’s registration undertaking for a restricted dealer license.
The delisting of USDT is part of the Canadian Securities Administrators (CSA) strategic plan to strengthen its oversight of crypto trading platforms. A key goal of the CSA’s 2022-2025 Business Plan is to study the implications of stablecoins in the capital markets, including their use to trade crypto assets.
Crypto.com has urged Canadian users to review their USDT balances, as all USDT transactions will be suspended after the delisting date. Crypto.com also announced that it will cancel all USDT spot orders and won’t credit any USDT deposited in the Crypto.com wallet after January 31. Any remaining USDT balances will be converted to USDC.
Crypto.com is currently under pressure as asset outflows from the exchange have increased. The exchange has taken steps to ensure the safety of customers’ funds, such as implementing measures to prevent large-scale liquidations and increasing the frequency of collateral checks.
Crypto.com has been a leader in the cryptocurrency space and its delisting of USDT is yet another example of the exchange taking proactive steps to ensure compliance with applicable regulations. The delisting of USDT is yet another reminder of the importance of regulatory compliance in the crypto space.