News to delist USDT for Canadians to delist USDT for Canadians to delist USDT for Canadians

The USDT delisting is in accordance with instructions from the Ontario Securities Commission. to delist USDT for Canadians

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Cryptocurrency exchange will delist USDT and USDT trading pairs on its app and platform for residents in Canada on Jan. 31 at 06:00 UTC, according to an email shared with the users of the jurisdiction.

The firm has urged Canadian users to review their USDT balances, as will suspend all USDT transactions after the above-mentioned date. has also announced that it will cancel all USDT spot orders and won’t credit any USDT deposited in the wallet after January 31. However, any remaining USDT balances would be converted to USDC.

A spokesperson at responded to CryptoSlate’s queries regarding the delisting by stating that the recent move followed instructions from the Ontario Securities Commission under the terms of its registration undertaking for a restricted dealer license.

This comes after the Canadian Securities Administrators (CSA) announced last December that it would strengthen its oversight of crypto trading platforms. A strategic goal of the CSAโ€™s 2022-2025 Business Plan was to study the regulatory implications of stablecoins in the capital markets, including their use to trade crypto assets.

After the fallout of FTX, is under stress as asset outflows from the exchange have increased.ย Nonetheless, the exchange attempted to ease tensions by partially disclosing its reserves through an audit report by Mazars Group, showing that all customer deposits are backed 1:1 by reserves.

Despite this, community fears remained as there were questions about whether was solvent. Later, Mazars deleted the page displaying audit reports from its website.

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