{"id":50445,"date":"2023-08-19T08:39:14","date_gmt":"2023-08-19T12:39:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-market-dumps-as-coinbase-set-to-suspend-tether-usdt-and-dai-stablecoins-for-canadian-users-whats-going-on\/"},"modified":"2023-08-19T08:39:16","modified_gmt":"2023-08-19T12:39:16","slug":"crypto-market-dumps-as-coinbase-set-to-suspend-tether-usdt-and-dai-stablecoins-for-canadian-users-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50445","title":{"rendered":"Crypto Market Dumps as Coinbase Set to Suspend Tether USDT and Dai Stablecoins for Canadian Users \u2013 What\u2019s Going On?"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">Crypto trading giant Coinbase, which stepped foot into the Canadian markets early this week, is set to suspend trading of three stablecoins, effective August 31.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/StafordEden\/status\/1692241941797253152\/photo\/1\" loading=\"lazy\"><\/oembed><\/figure>\n<p style=\"text-align:justify;\">The company wrote to its users on Thursday that it would no longer allow trading of Tether (USDT), Dai (DAI) and Rai Reflex Index (RAI) tokens and that it regularly monitors the assets on the exchange \u201cto ensure they meet listing standards.\u201d<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">\u201cThe trading suspension will not affect customers\u2019 access to RAI, DAI or USDT wallets which will remain available for deposit and withdrawal functionality after the trading suspension.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">The exchange announced the expansion of its services to Canadians on Aug. 14 demonstrating its commitment to Canada as a priority \u201cGo Deep market\u201d. Coinbase teamed up with financial services firm Peoples Trust Company to provide its services.<\/p>\n<p style=\"text-align:justify;\">Following the announcement of the trading suspension of stablecoins, the price of the aforementioned tokens largely remains unchanged.<\/p>\n<h2 style=\"text-align:justify;\">Is Tether Banned in Canada?<\/h2>\n<p style=\"text-align:justify;\">Canada banned Tether stablecoin, backed by fiat reserves, from trading on the two licensed exchanges \u2013 Coinberry and Wealthsimple in 2021. The stablecoin seemingly printed billions at will and has been deeply linked to alleged market manipulation.<\/p>\n<p style=\"text-align:justify;\">Further, the Ontario Securities Commission has a history of being tough against crypto service providers. The regulator has been cracking a whip on major exchanges including Poloniex, KuCoin, OKEx, and Bybit after they failed to license their operations by the April deadline.<\/p>\n<p style=\"text-align:justify;\">USDT remains as the only stablecoin listed under the \u201cProhibited Crypto Assets\u201d with the regulator, however, it never explained the reasons behind the ban. Meanwhile, the only stablecoin approved by the Canadian Securities Administrators (CSA) for listing on crypto exchanges is USD Coin (USDC).<\/p>\n<p style=\"text-align:justify;\">That said, several crypto exchanges have decided to move out of Canada, citing the new tougher regulations. For instance, OKX exchange withdrew its services in June, followed by the world&#8217;s largest digital assets exchange Binance, which is set to pull out from Canada by September.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/crypto-market-dumps-as-coinbase-set-suspend-tether-usdt-dai-stablecoins-for-canadian-users-whats-going-on.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto trading giant Coinbase, which stepped foot into the Canadian markets early this week, is set to suspend trading of three stablecoins, effective August 31. The company wrote to its users on Thursday that it would no longer allow trading of Tether (USDT), Dai (DAI) and Rai Reflex Index (RAI) tokens and that it regularly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-50445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Market Dumps as Coinbase Set to Suspend Tether USDT and Dai Stablecoins for Canadian Users \u2013 What\u2019s Going On? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crypto trading giant Coinbase, which stepped foot into the Canadian markets early this week, is set to suspend trading of three stablecoins, effective\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=50445\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Market Dumps as Coinbase Set to Suspend Tether USDT and Dai Stablecoins for Canadian Users \u2013 What\u2019s Going On? 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