Crypto

Crypto.com gives January 31 deadline for Tether USDT delisting in Canada

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In accordance with Ontario Securities Commission (OSC) guidelines, Crypto.com has announced its intention to remove USDT from its platform for all users in Canada. The January 31 deadline was made public to Crypto.com users in Ontario, triggering wide FUD over the fate of the world’s largest stablecoin.

Crypto.com further added that the move is in line with its operational license agreement in the North American country and is part of a long-term commitment to fully comply with local laws in all of its countries of operation.

In many countries like Canada, where CBDC projects are in the works, stablecoins have continued to pose a threat with stricter control measures being rolled out for their use in the territory. The OSC believes that stablecoins strongly exhibit the characteristics of “security”.

Within the crypto community as well, USDT continued to come under intense fire, with many raising eyebrows about possible violations of its modus operandi. Last year, the company was fined US$41 million for falsely stating that its assets were backed by 1:1. The CEO of Binance and owner of the third-largest stablecoin has repeatedly hit the market leader.

A drop in USDT, many believe, will be the extinction of crypto as we know it today.

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The “Fortune Favors the Brave” exchange has further allayed any fear of losing funds, assuring investors that any remaining balances will be converted into USDC, an alternative stablecoin from Circle. According to its report, staked assets and assets locked in medium and long-term returns will not be affected.

USDC currently ranks second on the stablecoin chart with a market cap of just $43 billion, less than USDT’s $66 billion market cap.

Having faced several issues with its advertising and compliance strategies in the United States, Crypto.com is following the cautious path to avoid all possible regulatory complications in the neighboring Canadian market. The Singapore-based exchange continued to assure users of its healthy balance sheet and continuity of operations despite the fall of FTX.

Nearly $10 million of its investments have been swallowed up the FTX drain, added to more than 100 employees have been laid off in the past six months, but the company’s CEO is confident of a continued healthy operation at the middle of one of the most brutal bear runs in crypto – even if it means delisting from USDT.

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