Crypto exchange Crypto.com announced that it has delisted USDT for Canadian users due to instructions from the authorities.
The move comes after the regulator in the country made a stronger commitment to oversight over crypto exchanges following the collapse of FTX.
Crypto.com Delists USDT
According to an email sent to customers by the firm, the exchange will remove USDT from its platform for users in Canada. The company said it made this decision “in accordance with instructions from the Ontario Securities Commission (OSC).
All USDT transactions will be terminated on January 31 at 13:00 ET. Users’ remaining USDT deposits after this date will be automatically converted to USDC.
This decision by Crypto.com comes at a time when regulators’ pressure on crypto exchanges is increasing.
USDT remains the largest stablecoin with a market cap of $66 billion. It is followed by USDC with a market capitalization of $44 billion.
Crypto analyst John Paul Koning expressed that Canadian-based crypto platforms are reluctant to list USDT. Previously, Coinberry and Wealthsimple platforms had delisted USDT.