According to multiple client emails, Kraken exchange will halt all transactions involving USDT, DAI, WBTC, WETH, and WAXL in Canada between November and December, with changes going into effect starting Nov. 30
In response to Cointelegraph’s request for comment, a Kraken spokesperson stated via email, “We constantly monitor the assets on our platform to ensure we are meeting the highest compliance standards in the crypto industry,” before confirming the suspensions.
The spokesperson stated:
“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.”
Additionally, the email stated that Kraken remains “committed to providing our Canadian clients with an exceptional trading experience.”
The suspensions may not come as a surprise to many Canadian cryptocurrency users, as several notable exchanges have taken similar actions throughout 2023. Coinbase stopped trading Tether, Dai, and Rai in August, following a similar move by Crypto.com, which had previously delisted Tether.
The same regulatory challenges encountered by these companies may have prompted others to withdraw from the Canadian market completely. OKX ceased operations in Canada in June, following Binance’s announcement in May that it would do the same.
Kraken continues operations in Canada and will only suspend transactions involving five specific assets.
According to the email, deposits, and trading functions for the abovementioned assets will terminate on November 30. Then, “as of December 4,” users will no longer be able to withdraw the associated assets.
Finally, “as of December 5,” the email continues, any remaining related assets will be converted to U.S. dollars at the “prevailing market rate” and credited to user accounts.
In related news, on October 27, Kraken announced the appointment of a new managing director for its United Kingdom operations. Bivu Das, the new director, is an entrepreneur and former president of Starling Bank with extensive experience in fintech and conventional financial services.
