<a href="https://en.coin-turk.com/macro-developments-casting-significant-impact-on-cryptocurrency-market/”>Cryptocurrency exchange Kraken has announced that it will suspend buying and selling transactions of certain cryptocurrencies in Canada due to changes in the country’s legal regulations. The announcement highlighted the suspension of trading of a range of cryptocurrencies, including USDT, as a result of the existing regulatory framework in Canada.
Kraken Ceases USDT Trading in Canada
Kraken exchange has announced that it will halt buying and selling transactions of several cryptocurrencies on its platform in compliance with legal changes in Canada. In an email sent to users, the exchange informed that starting from November 30th, transactions of USDT, DAI, WBTC (Wrapped Bitcoin), and WETH (Wrapped ETH) will be suspended.
Other cryptocurrency exchanges in Canada have also taken similar steps in response to changes in legal regulations. US-based cryptocurrency exchange Coinbase announced in August that it was suspending trading of several cryptocurrencies, including USDT and DAI.
Statements from Kraken Official
Following the announcement of the suspension of buying and selling transactions of five different cryptocurrencies, including USDT, a spokesperson for Kraken made statements. The statements referred to the changes in legal regulations.
The spokesperson for Kraken emphasized compliance with legal regulations and stated that they had conducted necessary consultations with regulatory authorities. It was stated that after discussions with regulatory authorities, a decision was made to suspend trading of several cryptocurrencies, including USDT and WBTC.
According to the announcement, as of November 30th, buying and selling transactions of USDT, DAI, WBTC, and WETH will be completely halted. Additionally, as of December 5th, the remaining assets will be converted to US Dollars at the “current market rate” and transferred to investors’ accounts.
