Uphold Delists Dogecoin, Shiba Inu, And Cardano In Canada
Uphold, a crypto exchange, has announced that it will be delisting several cryptocurrencies in Canada. The move comes as Uphold aims to comply with cryptocurrency regulations in the country. Uphold sent an email to its users in Canada, informing them that 10 Tier 3 cryptocurrencies will be removed from its platform.
The delisting decision is part of Uphold’s efforts to obtain appropriate registration in Canada. The exchange had already taken action to remove these assets from its platform at the time of sending the email. The delisted cryptocurrencies include Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and others.
Bitcoin, Ethereum, And XRP Survive Delisting
While several Tier 3 tokens are being delisted, some popular cryptocurrencies like Bitcoin, Ethereum, and XRP will remain available on the Uphold platform. This is not surprising considering Bitcoin and Ethereum’s leading positions in the market and Uphold’s partnership with Ripple, the parent company of XRP.
For users who hold the affected tokens, Uphold has provided a 30-day window to either withdraw or convert them into other supported cryptocurrencies on the platform. After January 15, 2024, any remaining tokens will be automatically converted into Canadian Dollars (CAD).
Hot Take: Uphold Delists Cryptocurrencies in Compliance Move
Uphold’s decision to delist certain cryptocurrencies in Canada is a result of its commitment to comply with regulatory requirements. This move adds another challenge for struggling assets like Dogecoin, Shiba Inu, and Cardano, which are already facing difficulties in maintaining their bullish narrative. Uphold’s focus on regulatory compliance underscores the importance of adhering to cryptocurrency laws to ensure a secure and compliant trading environment.
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