Coinbase Set To Suspend USDT Trading In Canada This Month

Coinbase clarified that the trading suspension will not affect Canadian customers’ access to USDT, DAI, and RAI and that the users will be able to deposit and withdraw the stable assets from their wallets following the suspension. None of the stable assets had a considerable change in their prices following the announcement of the suspension. 

Coinbase’s announcement comes less than a week after it officially launched its services in Canada’s crypto market. The move came after months of collaboration between the California-based crypto exchange and Canadian regulators and policymakers. 

Earlier this year, fellow crypto exchange ended support for USDT after it was directed to do so by the Ontario Securities Commission (OSC). In December 2022, the Canadian Securities Administrators (CSA) stated that value-pegged crypto assets, including Tether, qualified as securities in the country. 

Ironically, Tether withdrew support for Bitcoin Cash SLP, Omni Layer, and Kusama. The decision was reportedly part of a strategic transition based on the crypto industry’s demands. 

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