Crypto.com Will Delist Tether In Canada To Comply With Ontario Regulator

Cryptocurrency exchange Crypto.com will no longer facilitate transactions involving Tether in Canada and plans to delist the largest stablecoin by market capitalization for customers in the region. Decrypt reports: "Crypto.com has delisted USDT for users in Canada in accordance with instructions from the Ontario Securities Commission (OSC) as part of our pre-registration undertaking for a restricted dealer license," a spokesperson for Crypto.com told Decrypt. Canadian users of the exchange were notified about the company's change in policy on Tuesday via email, as images of the delisting notice began to crop on both Reddit and Twitter.

The notice stated Crypto.com's support of Tether will end on Jan. 31, without specifically stating users in Canada would only be affected, prompting confusion on behalf of some on social media. The exchange warned users that all trading, deposits, and withdrawals will not be facilitated after the deadline. "Please take urgent action to review your USDT balance and take necessary action," the notice stated. Any remaining USDT balances would "automatically" be converted to Circle's USD Coin, another stablecoin that tracks the price of the dollar. The exchange also stated the retrieval of USDT deposits made after the deadline may not be possible or warrant some fees.

Ouch

[rsilvergun]

If you don't understand why this is a big deal it's because tether is how most people buy into crypto in the first place. Most people don't buy Bitcoin or ethereum let alone dog coin or some other nonsense crap coin directly. You buy tether and then you trade tether for whatever nonsensical crap coin you want to speculate on. This won't affect the money wandering of course but losing an entire country of suckers is going to hurt.

Re:

[DrMrLordX]

I see you missed the part where Crypto.com is going to 1:1 exchange USDT for USDC for anyone who doesn't withdraw funds to another wallet.

Re:

[Ed Tice]

The OPs point wasn't about those depositors. The point is that without the ability to transact in Tether, there's now way to make *new* investments in crypto coins. Anybody who doesn't currently own crytpo will have a tougher time making their first foolish investment.

Oh, no!

[gosso920]

Anyway...