In a recent development, Kraken, a popular cryptocurrency exchange, announced that it will suspend Tether (USDT), DAI, Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH) and Wrapped Axelar (WAXL) trading in Canada.
The changes will go into effect on November 30, as reported in customer emails obtained by Cointelegraph.
A Kraken spokesperson confirmed the suspensions via email, stating that the platform constantly checks its listed assets to ensure compliance with the highest standards in the crypto industry. The decision comes in response to recent regulatory changes in Canada and was made after extensive discussions with the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC).
However, as of November 30, deposit and trading functions will cease for the assets mentioned above. Users will no longer be able to withdraw these assets as of December 4.
The email also explained that the remaining relevant assets will be converted into US dollars at the prevailing market rate as of December 5. The converted amount will then be transferred to users' accounts.
*This is not investment advice.