Coinbase, a cryptocurrency exchange, will suspend trading of the Tether (USDT $1.00), Dai (DAI $1.00) and RAI stablecoins, among others, for Canadian. It is expected that the suspension will be executed from August 31, 2023, stated Cointelegraph.
Sources revealed that the exchange had officially launched its Canadian subsidiary just a few days before the announcement. The services were expected to be available to Canadian customers before that, Cointelegraph added.
“Coinbase Canada, Inc. has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Coinbase Canada, Inc. obtains registration, it has agreed to abide by the terms of an undertaking,” Coinbase explained.
It is believed that on Februray 22, 2023, the Canadian Securities Administrators (CSA) posted a notice for the crypto exchange users or those pending registration to sign the legal undertakings with the regulatory body. Furthermore, “A prohibition on the part of the CTP [crypto asset trading platforms] in respect of clients buying or depositing Value-Referenced Crypto Assets (commonly referred to as stablecoins) through crypto contracts without the prior written consent of the CSA,” Cointelegraph concluded.
(With insights from Cointelegraph)