Coinbase, the crypto exchange, has announced its intention to suspend trading of USDT, DAI, and RAI stablecoins for its Canadian users. This decision comes after the recent expansion of its services into Canada.
An email sent to users stated, “We regularly monitor the assets on our exchange to ensure they meet our listing standards.
Based on our most recent reviews, Coinbase will suspend trading in Canada for RAI Reflex Index (RAI), Dai (DAI), and Tether (USDT) on August 31 around 12 pm ET.”
Although trading will be suspended, users will still be able to deposit and withdraw the affected stablecoins.
Coinbase’s move follows its recent launch in Canada, which involved integrating local banking rails and collaborating with regulatory authorities.
The exchange commended the Canadian approach to crypto regulation, highlighting the clarity of rules and the engagement with digital asset firms.
This decision also aligns with Canada’s implementation of stricter regulations for governing crypto exchanges in the country this year.
These regulations have prompted some exchanges and stablecoins to reevaluate their operations. For instance, Binance, a competing exchange, exited the Canadian market in May, and Crypto.com removed USDT from its platform in anticipation of the more stringent rules earlier this year.
NEWS: USDT trading will be suspended for Coinbase Canada users, and Tether makes some strategic shiftshttps://t.co/0ZfI6DwjZn
— Blockworks (@Blockworks_) August 17, 2023
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