Crypto exchange Coinbase has announced that it will suspend trading of RAI Reflex Index (RAI), Dai (DAI), and Tether (USDT) for its Canadian users, starting from August 31.
Explained: The move comes as these cryptocurrencies failed to meet Coinbase’s “listing standards.” This is not the first time a crypto exchange has had to comply with Canadian regulations. In May, Binance exited the Canadian market due to new guidance related to stablecoins and investor limits.
Similarly, Crypto.com delisted USDT earlier in the year in line with instructions from the Ontario Securities Commission (OSC). Despite these regulatory challenges, Canada is considered a potential global leader in the crypto economy due to its enthusiastic local tech ecosystem and efforts towards establishing a robust regulatory framework.
The Canadian Securities Administrators (CSA) has recently provided guidance for the domestic crypto industry, emphasizing enhanced investor protection commitments and a pre-registration process for companies operating in Canada. The CSA has also warned users to exercise caution while dealing with crypto trading service providers who may present themselves as legitimate through fake regulatory and dispute resolution organizations.
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