Crypto.com, one of the biggest crypto exchanges in the world, has announced that it will delist the USDT token from its platform for consumers in Canada.
The news was confirmed via an email sent to registered platform users in the country.
USDT is the Tether stablecoin that is pegged to the value of the US dollar and considered one of the safest cryptocurrencies worldwide.
However, the company has been forced to delist “in accordance with instructions” from the Ontario Securities Commission, as confirmed in an official Reddit post.
This means that on January 31 at 1pm ET, all transactions, trading pairs, deposits and withdrawals involving the currency will be halted and removed from the platform.
Meanwhile, USDC will continue to be supported. The currency is issued by Circle and any remaining USDT currency will be converted into USDC instead.
This is the latest in a series of shifts that follow the fallout from FTX’s collapse.
USDT is by far the most popular stablecoin with a market capitalization of $66bn, but it’s possible for its volume to take a hit following Crypto.com’s decision.
Meanwhile, USDC maintains a close second with $44bn cap. Canada has been looking to actively introduce rules to regulate its crypto market better over the coming months.
The Canadian Securities Administrators has said that it will be looking to strengthen its oversight of the industry, necessitated by the collapse of big companies in the sector.
Even Binance is under investigation in the US, forcing some people to worry about the outcome of a potential enforcement action against the company.
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