A cryptocurrency exchange, and tether, the largest stablecoin by market capitalization, were involved in a policy change announced on tuesday. crypto.com will no longer facilitate transactions involving tether for customers in canada and plans to delist it from their platform.
Policy change took effect on january 31st and customers were notified via email. it applies to trading, deposits, and withdrawals of tether in canada. any remaining usdt balances will be converted to circle’s usd coin.
Decision was prompted by regulatory clarification from the canadian standards association (csa). according to the csa, stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives. crypto.com is undertaking a restricted dealer license for a pre-registration. tether has a total value of around $66 billion and usd coin gained ground against it last year. tether did not immediately respond to requests for comment.