Crypto.com Canada Removes USDT

The stablecoin has been delisted from Crypto.com exchange services to comply with new laws.

Crypto.com, one of the world’s largest cryptocurrency exchanges, has stated that it would remove the USDT token from its platform for Canadian users.

USDT is the Tether stablecoin, which is tied to the value of the US dollar and is regarded as one of the most secure cryptocurrencies in the world. However, according to the company’s official Reddit post, Crypto.com was compelled to delist it “in compliance with orders” from the Ontario Securities Commission.

This implies that all transactions, deposits, trading pairs, and withdrawals using the currency will be suspended and deleted from the site on January 31 at 1 P.M. ET. Meanwhile, USDC will remain supported, and any leftover USDT money will be changed into the former instead.

With a market value of $66 billion, USDT is by far the most usable stablecoin, but its volume may suffer as a result of Crypto.com’s decision. Meantime, USDC is a close second with a $44 billion market capitalization. 

Over the next several months, Canada plans to actively adopt laws to properly control its crypto sector. The Canadian Securities Administrators has stated that it will seek to enhance its regulation of the business as a result of the failure of major enterprises in the sector. 

Since even Binance is being investigated in the United States, some individuals are concerned about the outcome of a prospective legal action against the company.