Cryptocurrency regulations vary from country to country. To comply with Canadian legislation, Crypto.com decides to no longer use Tether on its platform. This measure only affects Canadian users and will apply from January 31, 2023. Canadian users of the Crypto.com platform therefore have less than 1 month to prepare.
Tether will soon be removed from the Crypto.com app in Canada
In December 2022, Canadian securities regulators had ruled a new rule. Crypto platforms must sign a pre-registration pledge to offer their services in Canada. To comply with Canadian regulations, Crypto.com has decided to remove Tether (USDT) from its list effective January 31, 2023. To this end, some Canadian users have received an informational email.
As a result, as of this date, all USDT trading and deposits will no longer be possible on the Crypto.com App. Added to this is the automatic conversion of the remaining balances in Tether into USDC. This stablecoin follows the price of the dollar.
Decryption: from January 31, 2023, USDT will no longer be available for purchasing power. Also, any USDT deposit to Crypto.com will not be possible or credited. Likewise, any USDT deposits made by external wallets after the cut-off date will not be guaranteed to be recovered. And even if it is possible, recovery costs are involved.
Tether will also not be available for card top-ups. We will no longer be able to use USDT as an automatic top-up method, we will deactivate this function.
A measure that complies with the regulations in force in Canada
To tie it is a cryptocurrency whose value should mirror that of the US dollar. It already occupies an important place in the world of cryptography. It is also among the top 3 of the best cryptocurrencies in terms of market capitalization and total value.
Despite its popularity, Crypto.com must remove Tether from its list to comply with the Canadian Securities Commission of Ontario (OSC). In fact, this authority is busy stepping up surveillance of cryptocurrency exchanges to prevent the same FTX scenario from happening again in Canada.
Crypto.com’s announcement could have negative effects on Tether. It has already caused widespread panic among cryptocurrency users, even those outside Canada. This measure applies only to Canadians or will soon be extended to all users of the platform ?
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My name is Ariela and I’m 31 years old. I have been working in the field of web writing for the past 7 years. I only discovered trading and cryptocurrencies a few years ago. But it is a universe that interests me very much. And the topics covered within the platform allow me to learn more. A singer in my free time, I also cultivate a great passion for music and reading (and animals!)