US-listed exchange Coinbase is reportedly halting trading for RAI Reflex Index (RAI), Dai (DAI), and Tether (USDT) in Canada on Aug. 31, 2023. A Reddit user relayed the official email from Coinbase Canada, stating that this trading suspension results from their ongoing asset review process to ensure adherence to listing criteria.
The statement notes, “The trading suspension will not affect customers’ access to RAI, DAI, or USDT wallets which will remain available for deposit and withdrawal functionality after the trading suspension.”
Coinbase Adds Restrictions for Canadian Users
Canadian Coinbase users will lose the ability to trade the three mentioned tokens at the end of August. However, the exchange clarified that this would not impede their ability to access their RAI, DAI, or USDT wallets. It will reportedly accommodate deposit and withdrawal operations post-suspension.
This suspension emerges amidst Coinbase’s aggressive efforts to strengthen its foothold in the Canadian market. In a bid to woo its Canadian clientele, the exchange recently launched several offerings.
One prominent service is the Interac e-Transfer, which enables instantaneous fund deposits. Alongside this, Coinbase has also been offering Canadians a complimentary 30-day membership to Coinbase One, granting them premium support.
The firm has also pumped significant resources into establishing a tech hub in the nation, currently employing 200 individuals full-time.
Read more: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?
Canada Grows Stricter After FTX Demise
Crypto.com, another leading crypto exchange, intimated to its Canadian users in January that it would cease USDT support. Customers were advised to adjust their USDT holdings by withdrawing or converting them before the delisting.
The changes come as Canada’s regulatory framework has incorporated stricter rules, especially after FTX crashed and burned. Binance, the largest exchange by volume, declared its exit from the Canadian market in May.
This year, Canada introduced a slew of fresh guidelines for crypto exchanges. These included mandatory pre-registrations and investment caps. The Ontario Securities Commission has even cautioned potential enforcement actions against platforms that don’t comply.
Therefore, it appears that Coinbase expansion plans are reliant on compliance.
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