Cryptocurrencies slump as Coinbase suspends Tether USDT and Dai Stablecoins for Canadian users. Is It Active?


After entering the Canadian market earlier this week, cryptocurrency exchange giant Coinbase has decided to halt trading in three stablecoins as of August 31.

Tether (USDT), Dai (DAI), and Rai Reflex Index (RAI) tokens were all removed from trading on Thursday after the business informed customers via email that it constantly analyses the assets on the exchange “to ensure they meet listing standards.”

Customers’ ability to deposit and withdraw funds from their RAI, DAI, or USDT wallets will not be impacted by the trading halt.

The Aug. 14 announcement of the exchange’s new offerings for Canadians was made to show the country’s status as a “Go Deep market” priority. Peoples Trust Company, a financial services provider, partnered with Coinbase to provide its services.

The value of these tokens has not moved much after the news of the trading halt of stablecoins.

Tether: Is it Illegal in Canada?

Tether, a stablecoin backed by fiat reserves, was prohibited from trading on Coinberry and Wealthsimple, Canada’s two licenced exchanges, in 2021. The stablecoin has been accused of manipulating the market and seems to have produced billions of dollars at whim.

In addition, the Ontario Securities Commission has a history of harsh regulation of the crypto industry. Since the main exchanges, including as Poloniex, KuCoin, OKEx, and Bybit, missed the April deadline to get operating licences, the regulator has been cracking the whip.

The regulator has never provided an explanation for why USDT is the sole stablecoin on the “Prohibited Crypto Assets” list. In the meanwhile, USD Coin (USDC) is the only stablecoin recognised by the Canadian Securities Administrators (CSA) for trading on cryptocurrency platforms.

However, several cryptocurrency exchanges have left Canada because of the country’s stricter regulatory environment. OKX exchange, for example, stopped serving the Canadian market in June, and Binance, the biggest digital assets exchange in the world, plans to leave the country in September

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