NewsletterJust-In: Coinbase to Halt USDT Trading in Canada Starting August 31st
On August 17th, Coinbase announced that it would halt trading of Tether (USDT), Dai (DAI), and RAI stablecoins for Canadian users starting August 31st. This move comes in response to changing regulatory requirements in Canada, where authorities have been tightening their grip on the crypto industry.
Following the path of Crypto.com, which earlier suspended USDT trading after the Ontario Securities Commission (OSC) imposed a ban in 2021, Coinbase seeks to align with Canadian regulatory standards.
Exchanges adjust to new regulations
The recent increase in Canadian regulators‘ focus on cryptocurrency exchanges has forced several companies to adjust their strategies or flee the country. Due to regulatory issues, OKX and Bittrex Global have already gone, and Binance aims to do the same in September.
Coinbase is adamant about getting a foothold in the Canadian market. Although trading in stablecoins has been temporarily halted, the exchange has added support for Interac e-Transfer to make it easier for customers to make deposits and withdrawals.
Thanks to the country’s widespread crypto literacy and thriving technology sector, Coinbase is still confident in Canada’s future as a global leader in the cryptocurrency industry.
Coinbase Canada, Inc. has committed to complying with regulatory requirements while waiting for registration permission from the Canadian Securities Administrators (CSA). The exchange specified that Canadian users can still deposit and withdraw the concerned stablecoins beyond the deadline, even if trading has been suspended.
Canadian stablecoins: the road ahead
The Canadian Securities Administrators have only cleared USD Coin (USDC) for listing on controlled crypto exchanges. Companies anticipate a more nuanced and future-focused approach to financial access as the regulatory landscape shifts.
Fostering innovation while maintaining a secure, compliant consumer ecosystem is a delicate balancing act in Canada’s rapidly evolving crypto landscape. Coinbase‘s decision to halt stablecoin trading is just one reaction by markets to the shifting legal landscape in the nation. Canada’s cryptocurrency exchanges will undoubtedly undergo more service and operational modifications as the sector develops.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
- Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
- Bitget Launches MONAD Earn With 20% APR, 800K MON Airdrop Campaign
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
- Is Pepe Coin Price at Risk After Forming This Bearish Pattern?
