Crypto.com has just sent out an email to several Canadian users, informing them that they would soon no longer be able to access Tether stablecoin (USDT).
The company reports that it made this decision in accordance with instructions from the Ontario Securities Commission (OSC), the equivalent of the U.S. SEC. Users have until January 31 to transfer their USDTs. After that time, they will automatically be exchanged for USDC.
While several stablecoins collapsed in 2022, Tether (USDT) has remained untouched by speculation. However, exchange platforms in Canada have been reluctant to list stablecoin at times. Two local services, Coinberry and Wealthsimple, have thus stopped offering USDT on their platforms during 2021. In addition, Canadian securities regulators indicated last month that they would be monitoring stablecoins more closely, particularly following the collapse of FTX.