Crypto regulations vary from country to country. To comply with Canadian legislation, Crypto.com decides to no longer use Tether on its platform. This measure only concerns Canadian users and will apply from January 31, 2023. Canadian users of the Crypto.com platform therefore have less than 1 month to prepare.
Tether soon to be removed from the Crypto.com app in Canada
In December 2022, Canadian securities regulators had set a new rule. Crypto platforms must sign a pre-registration commitment in order to offer their services in Canada. To comply with Canadian legislation, Crypto.com has decided to remove Tether (USDT) from its list from January 31, 2023. To this end, some Canadian users have received an information email.
As a result, all USDT trading and deposits will no longer be possible on the Crypto.com app from this date. Added to this is the automatic conversion of remaining balances in Tether to USDC. This stablecoin follows the price of the dollar.
Decryption: from January 31, 2023, USDT will no longer be available for purchasing power. Also, any USDT deposit on Crypto.com will not be possible or credited. Likewise, the recovery of any USDT deposits made from outside wallets after the cut-off date will not be assured. And even if it is possible, recovery costs are to be expected.
Tether will also not be available for card top-ups. We will no longer be able to use USDT is used as an automatic top-up method. We will deactivate this function.
A measure that complies with the regulations in force in Canada
Tether is a crypto whose value is supposed to mirror that of the US dollar. It already holds an important place in the world of cryptography. It is even among the top 3 of the best cryptos in terms of market capitalization and total value.
Despite its popularity, Crypto.com must remove Tether from its list to comply with the Canadian Securities Commission of Ontario (OSC). Indeed, this authority is committed to strengthening the surveillance of crypto exchanges to prevent the same scenario as that of FTX from happening again in Canada.
Crypto.com’s announcement may have adverse effects on Tether. It has already caused widespread panic among crypto users, even those outside of Canada. Does this measure only apply to Canadians or will it soon be extended to all users of the platform ?
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it is a universe that interests me a lot. And the topics covered within the platform allow me to learn more. Singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
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Crypto.com – Tether: The end of a great collaboration?
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