The Suspension of Trading with Stablecoins in Canada by Coinbase
Crypto exchange Coinbase has announced that it will suspend trading with USDT, DAI, and RAI stablecoins for Canadian users starting at the end of this month. The decision is based on Coinbase’s regular reviews of assets to ensure they meet listing standards. Users will still be able to deposit and withdraw the impacted stablecoins following the trading suspension.
Key Points:
- Coinbase will suspend trading in Canada for RAI Reflex Index (RAI), Dai (DAI), and Tether (USDT) on August 31.
- The suspension comes after Coinbase expanded its services in Canada and integrated local banking rails.
- Canadian authorities have implemented tighter regulations for crypto exchanges, putting pressure on some platforms and stablecoins.
- Rival exchange Binance left the Canadian market in May due to the stricter rules.
- Crypto.com delisted USDT from its platform in January in anticipation of the regulations.
Overall, Coinbase’s decision to suspend trading with stablecoins in Canada reflects the exchange’s commitment to ensuring listed assets meet their standards. This move follows the expansion of their services in the country and the integration of local banking rails. With Canadian authorities implementing tighter regulations, some crypto platforms and stablecoins have faced challenges, such as Binance exiting the market. This highlights the importance of complying with regulatory requirements in the crypto industry.
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