1. Crypto.com will delist USDT and USDT trading pairs on its app and platform for Canadian residents on January 31.
2. Crypto.com will suspend all USDT transactions and cancel all USDT spot orders after the delisting.
3. The move follows instructions from the Ontario Securities Commission under the terms of its registration undertaking for a restricted dealer license.
Cryptocurrency exchange Crypto.com is set to delist its USDT and USDT trading pairs on its app and platform for Canadian residents on January 31 at 06:00 UTC. The move follows instructions from the Ontario Securities Commission (OSC) under the terms of its registration undertaking for a restricted dealer license.
The delisting will be accompanied by Crypto.com urging its Canadian users to review their USDT balances, as it will suspend all USDT transactions after the above-mentioned date. The cryptocurrency exchange has 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. However, any remaining USDT balances would be converted to USDC.
The delisting is in response to the Canadian Securities Administrators (CSA) decision last December to strengthen its oversight of crypto trading platforms. In its 2022-2025 Business Plan, the CSA outlined a strategic goal of studying the regulatory implications of stablecoins in the capital markets, including their use to trade crypto assets.
The news of the delisting has come as a blow to Crypto.com, as asset outflows from the exchange have increased. Nevertheless, the firm has declared that it is still committed to providing its Canadian users with a safe and secure environment for cryptocurrency trading.
The delisting of USDT and USDT trading pairs from Crypto.com for Canadian residents is a testament to the OSC’s commitment to ensuring the safety of investors. By strengthening its oversight of crypto trading platforms, the OSC is taking the necessary steps to protect investors and ensure that the cryptocurrency markets are operating in a fair, transparent and efficient manner.