Kraken to Halt Trading of USDT and Other Coins in Canada

Kraken is expected to halt USDT, DAI, WBTC, WETH, and WAXL transactions in Canada during November and December.

Rules to Become Effective on Nov 30

As per several customer emails shared, these alterations will become effective on November 30. The email, nonetheless, emphasized Kraken’s commitment to delivering an exceptional trading experience for its Canadian clients. It states: Kraken is still “committed to providing our Canadian clients with an exceptional trading experience.”

Kraken Spokesperson Responds

As per the report, a spokesperson from Kraken stated, “We constantly monitor the assets on our platform to ensure we are meeting the highest compliance standards in the crypto industry.”

The spokesperson noted: “In accordance with recent Canadian regulatory changes and following extensive consultation with the CSA and OSC, we today notified our clients that we will soon be suspending trading for USDT, DAI, WBTC, WETH, and WAXL.”

Kraken to List US-listed Stocks and ETFs

Last month, after twelve years in operation, the exchange entered the non-crypto market by granting its customers access to trading traditional US-listed stocks.

Possibly exploring new markets, the exchange holds multiple digital asset licenses across regions, such as Spain and Ireland. In the past year, it obtained a full operating license from both the Abu Dhabi Global Markets (ADGM) and the Financial Services Regulatory Authority (FSRA).

Crypto and Canada

However, these suspensions should not catch Canadian cryptocurrency users off guard, as they follow a trend of prominent exchanges making similar decisions in 2023. For instance, the well-known crypto exchange Coinbase has just revealed its plan to halt trading of Tether’s stablecoin, USDT, alongside DAI and RAI tokens in Canada by the end of August.

On October 27, Kraken made another announcement, this time about the appointment of a new managing director for their operations in the United Kingdom. The newly appointed director, Bivu Das, brings a wealth of experience as an entrepreneur and former head of Starling Bank, having a significant background in both fintech and traditional financial services.