Kraken to Suspend Trading of Certain Assets in Canada
Kraken, a popular cryptocurrency exchange, will temporarily halt all transactions involving USDT, DAI, WBTC, WETH, and WAXL in Canada during November and December. This decision was confirmed by a Kraken spokesperson in response to inquiries from Cointelegraph. The spokesperson stated that the exchange is committed to maintaining the highest compliance standards and made the decision in accordance with recent regulatory changes in Canada.
Industry-wide Trend
The suspension of these assets by Kraken follows a trend among other prominent exchanges throughout 2023. Coinbase and Crypto.com have already ceased trading Tether, Dai, and Rai due to similar regulatory concerns. However, it is important to note that Kraken will continue its operations in Canada; it is only suspending transactions related to these specific assets.
Suspension Timeline
According to an email sent by Kraken to its customers, deposits and trading functions for the affected assets will cease on November 30th. Starting from December 4th, users will no longer be able to withdraw these assets. Finally, on December 5th, any remaining assets will be converted into U.S. dollars at the prevailing market rate and credited to users’ accounts.
New Managing Director for U.K. Operations
In other news, Kraken has announced the appointment of Bivu Das as the new managing director for its operations in the U.K. Das brings extensive experience in fintech and traditional financial services, having previously served as the head of Starling Bank.
Hot Take: Kraken Responds to Regulatory Changes in Canada with Asset Suspensions
Kraken has decided to temporarily suspend trading of certain assets in Canada, including USDT, DAI, WBTC, WETH, and WAXL. This move follows similar actions taken by other exchanges due to regulatory changes in the country. Kraken remains committed to providing an exceptional trading experience for its Canadian clients. The suspension timeline has been outlined in an email to customers, with deposits and trading functions ceasing on November 30th, followed by the inability to withdraw these assets starting from December 4th. On December 5th, any remaining assets will be converted into U.S. dollars at the prevailing market rate. In addition, Kraken has appointed a new managing director for its U.K. operations, further strengthening its presence in the global cryptocurrency market.
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