Uphold Delisting Cryptocurrencies in Canada
Prominent cryptocurrency exchange Uphold has recently announced a significant wave of delisting impacting several major cryptocurrencies for its users in Canada, in a move that comes after the platform classified several of these tokens as Tier 3.
Canada Cryptocurrency Regulations Impacting Uphold
According to an email sent to Canadian users, the platform is set to delist 10 cryptocurrencies, including popular tokens like Cardano ($ADA), Dogecoin ($DOGE), and Shiba Inu ($SHIB). This decision aligns with Uphold’s efforts to comply with Canada’s cryptocurrency regulations, which see it removed cryptocurrencies categorized as Tier 3 as part of the platform’s agreement with the Ontario Securities Commission to facilitate its registration process in the country.
Cryptocurrencies Being Delisted
The cryptocurrencies being delisted are XDC Network ($XDC), Stellar ($XLM), Injective ($INJ) and Hedera ($HBAR). Tier 4 tokens, including Terra Classic ($LUNC) and the Solana-based memecoin $BONK, are also being delisted.
Options for Affected Token Holders
Those holding affected tokens, such as Dogecoin, Shiba Inu, and Cardano, have been given 30 days to either withdraw these tokens or convert them into other supported cryptocurrencies on Uphold. Users who fail to act by January 15, 2024, will have their assets automatically converted into Canadian Dollars (CAD).
Delisting and Impact on Leading Cryptocurrencies
The delisting notably didn’t affect the native token of the XRP Ledger, XRP, nor did it affect other leading cryptocurrencies including Bitcoin and Ethereum. Uphold is well-known for being pro-XRP, recently launching a 10,000 token airdrop to users that met specific eligibility requirements on the platform.
Uphold’s Support for XRP
t’s worth noting that Uphold has, in the past, reaffirmed its support for the native token of the XRP Ledger. Earlier this year on social media, Uphold reacted to a trend on the microblogging platform Twitter where users kept on asking for trading platforms to relist XRP.
Uphold’s Reaction to the XRP Lawsuit
XRP was delisted from several exchanges after the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs over the sale of XRP, alleging it’s an unregistered security, in 2020. The lawsuit alleges the firm paid cryptocurrency exchanges to permit “the buying and selling of XRP” on their platforms. At the heart of the lawsuit is whether XRP is a security that should have been registered with the regulator or not.
Uphold’s Decision to Maintain XRP
Uphold reacted to the trend by pointing out that XRP is listed on it, and later affirmed it was never delisted. As Uphold reported at the time, it revealed then it was going to maintain XRP listed until the SEC’s lawsuit against Ripple Labs is resolved and legally determines that the token is a security.
Hot Take
Uphold has announced plans to delist several major cryptocurrencies for its users in Canada in compliance with the country’s cryptocurrency regulations. Among the delisted tokens are popular ones like Cardano, Dogecoin, and Shiba Inu. Uphold is well-known for being supportive of XRP, the native token of the XRP Ledger, and is committed to maintaining it listed until the SEC lawsuit against Ripple Labs is resolved. This demonstrates Uphold’s commitment to adhering to regulations while still supporting leading cryptocurrencies in the market.
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