Crypto.com to delist USDT for Canadian users

On January 31, the cryptocurrency platform Crypto.com will delist the Tether USDT stablecoin for Canadian users. The company notified clients in the country.

crypto dot com to delist USDT pic.twitter.com/3KD0gJlMkE

— chortly (@charlestrussel) January 10, 2023

After this date, trading, deposits and withdrawals in USDT will be unavailable. The assets will be automatically converted into USD Coin (USDC).

“Please urgently check your balances in USDT and take the necessary measures,” the statement said.

The platform also warned that withdrawals of deposits made after the deadline may be impossible or incur additional fees.

“Crypto.com has delisted USDT for Canadian users in accordance with the Ontario Securities Commission’s instructions as part of our obligations under the preliminary registration for a restricted dealer licence,” Decrypt representative said.

Earlier the OSC barred from operating with the Tether stablecoin to two regulated crypto exchanges — Wealthsimple and Coinberry.

Over the past months, Crypto.com has obtained licenses in jurisdictions such as Dubai, Italy, South Korea, the United Kingdom, France and Brazil.

As a reminder, amid the crypto winter the platform reduced its staff and rewards on some products, and also revised its marketing spend.

Follow ForkLog’s Bitcoin news in our Telegram — crypto news, prices and analysis.