Crypto.com delists USDT for Canadian users following OSC ban

According to user reportsflowing on social media on Jan. 10, cryptocurrency exchange Crypto.com prepares to delist Tether (USDT) for Canadian users, effective Jan 31. The exchange has actually told itcustomers that if they do not withdraw or transform their USDT assets by the due date, then their Tether will be immediately converted into USD Coin (USDC). It wrote:

“You might sustain a retrieval cost if deposits of USDT are made from external wallets after this suspension period, and fund retrieval might not be possible in many cases.”

In August, Crypto.com announced that the Ontario Securities Commission had actually accepted the company’s pre-registration endeavor for operations in Canada. As part of regulative requirements, cryptocurrency exchanges operating in the Canadian province of Ontario are prohibited from listing digital assets banned by the OSC, which consists of USDT. Likewise, Coinsquare, a cryptocurrency exchange regulated by the Investment Industry Regulatory Organization of Canada (IIROC), currently does not list USDT as one of its readily available trading assets.

crypto dot com to delist USDT pic.twitter.com/3KD0gJlMkE!.?.!— chortly(@charlestrussel)January 10, 2023 In releasing its decision, the OSC never discussed the rationale behind its Tether ban. Nevertheless, a document unsealed on Feb 17, 2021, mentioned that” the only U.S. dollars held by Tether seemingly backing the roughly 442 million tethers in flow was the approximately$61 million on deposit at the Bank of Montreal.”Meanwhile, specialists have from time to time questioned the credibility of Tether’s reserves and its audits. Cast your vote now!Currently, all potential cryptocurrency exchanges must register with the IIROC if they wish to run in Canada. Exchanges such as Binance, Bybit and Huobi have actually facedconcerns with the OSC in the past concerning their regulatory