- The exchange cited the regulatory climate as the reason.
- USDT and algorithmic stablecoins fall under a ban in Canada from 2021-2022.
Cryptocurrency exchange Coinbase said it will suspend trading of USDT, DAI and RAI in Canada. This was reported by Cointelegraph, citing an email from the company.
Exchange customers received the mailing on August 17, 2023:
Screenshot of Coinbase email to customers. Cointelegraph.It states the following:
“We regularly monitor assets on our exchange to ensure they meet listing standards.”
The platform will suspend trading in the above assets effective September 1. Users will continue to be able to deposit and withdraw these tokens.
The company further elaborates:
“Coinbase Canada has applied for registration in some jurisdictions in the country, but has not yet received approval.
Until the company is licensed, we will follow through on the commitments we have made.”
The Ontario Securities Commission (OSC) has banned USDT trading on regulated venues in 2021. The regulator did not give a reason for its decision.
The USDC remains the only approved stablecoin in the country.
The ByBit exchange has left the country due to the OSC’s stricter regulations. Binance has until September 2023 to wind down its operations.