Uphold sent a letter to its Canadian users, notifying them of the affected assets, which include Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), XDC Network (XDC), Stellar (XLM), Injective (INJ), Hedera (HBAR), Terra Classic (LUNC) tokens, BONK memcoin based on Solana, and KAS tokens.
Uphold has given Canadian customers until January 15 to either withdraw their holdings of these assets from the platform or convert them to other cryptocurrencies supported by Uphold. If no action is taken by users, the assets will be automatically converted to Canadian dollars. Uphold is currently working on getting registered in Canada and is aiming to comply with the regulations set by the Ontario Securities Commission.
The delisting of these assets on Uphold does not affect the major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Uphold has been known for its support of XRP, and in the past, the platform announced a Mastercard debit card with cashback in the Ripple cryptocurrency.
In March, Uphold responded to user complaints demanding the return of trading pairs with XRP. Uphold clarified that XRP is still available on the platform and has never been delisted. While many exchanges stopped trading XRP after the U.S. Securities and Exchange Commission (SEC) sued Ripple in 2020, alleging that XRP is an unregistered security, Uphold continued to support XRP.
Uphold’s delisting of these cryptocurrencies follows a trend in the industry, as other exchanges like KuCoin have also delisted certain altcoins to ensure compliance with regulatory requirements. In October, Coinbase, the largest American cryptocurrency exchange, announced the exclusion of 80 trading pairs in an effort to consolidate liquidity.