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Trading with Tether banned in Canada

In Canada, Crypto.com users will have to operate without USDT going forward.

By Luc Vesters
• 3 min read
Trading with Tether banned in Canada

In Canada, Crypto.com users will have to operate without USDT going forward. Crypto.com is removing Tether's stablecoin (USDT) from its platform in Canada to comply with updated crypto regulations. In the past few days, View post on X showed that Crypto.com emailed its Canadian customers to inform them that, effective January 31, Tether will no longer be supported.

In December 2022, the Canadian Securities Administrators (CSA) asked crypto exchanges to consider regulatory requirements for stablecoins.

"Crypto trading platforms that are registered or have entered into a pre-registration undertaking are reminded that they are forbidden from allowing Canadian customers to trade in, or take positions in, crypto assets that themselves are securities and/or derivatives. Crypto trading platforms are expected to have policies and procedures to determine whether any crypto asset they offer is a security and/or a derivative," per the CSA.

As of January 31, the exchange will no longer support trading in Tether, deposits, or withdrawals. All remaining USDT balances will automatically convert to USDC. It remains unclear whether other stablecoins could be affected by a similar review as well. Canada drew scrutiny last year with regulatory measures.

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