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Kraken, a US-based cryptocurrency exchange, is reportedly delisting US Dollar Tether (USDT), DAI, Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), and Wrapped Axelar (WAXL) stablecoins. With this move, the company is stating that it is suspending all transactions related to these stablecoins in Canada.
According to CoinTelegraph, Kraken’s delisting of the said stablecoins was revealed through emails sent to its customers. It was indicated in the message that the suspension of trading for the mentioned digital currencies will start on Nov. 30.
Kraken Confirms the Delisting Move
Kraken was contacted by CoinTelegraph for comments about the matter and its spokesperson told the publication that the company continuously tracks the assets on its platform to make sure that it stays in line with the “highest compliance standards in the crypto industry” before sus
Kraken’s spokesperson went on to confirm the suspensions by saying via email, “In accordance with recent Canadian regulatory changes and following extensive consultation with the CSA and OSC, we today notified our clients that we will soon be suspending trading for USDT, DAI, WBTC, WETH, and WAXL.”
While Kraken has halted trading, the representative said that the crypto exchange remains committed to providing customers in Canada with the best trading service and experience.
Reason for the Suspension of Stablecoins
Most of the crypto exchanges and companies often halt or remove some services due to regulatory issues and in this case, the reason is likely the same. Moreover, many firms have already withdrawn their operations from the Canadian market due to these same regulative challenges.
Finance Feeds reported that the cancellations of the stablecoins may have also come as the Ontario Securities Commission (OSC) previously implemented a ban on crypto exchanges in the territory - restricting them from touching Tether (USDT). In any case, it is not clear if Kraken is also planning to completely pull out its services from the Canadian market.
