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Crypto.com to Ban Tether Transactions for Canadian Users

ByLouis Adams

Jan 12, 2023 #Stablecoin
Reading time: < 1 minute

Crypto.com has just complied with the requirement of the Canadian authorities and stopped processing transactions with the stablecoin Tether (USDT).

Some users of the trading platform have reported that the exchange has sent them an email informing them of the suspension of transactions with the token in Canada.

Traders have until January 31 to withdraw all USDT tokens from their wallets. If users do not withdraw stablecoins within the set timeframe, they will be automatically converted into USDC coins, another popular stablecoin.

The Ontario Securities Commission (OSC) has banned Canadian investors from buying and selling digital currencies issued by unregistered companies.