In addition to trading with the largest stablecoin USDT and the DAI token, pairs with “wrapped” BTC (WBTC), ETH (WETH) and Axelar (WAXL) are prohibited. Kraken representatives cited the requirements of Canadian regulators as the reason for this decision.
“We continually monitor assets on the platform to ensure our ability to meet the highest compliance standards in the crypto industry. In accordance with recent regulatory changes in Canada and after extensive consultation with the CSA and OSC, we are announcing an imminent trading suspension for USDT, DAI, WBTC, WETH and WAXL,” the exchange said in a statement.
In a letter to users, the company said that trading and deposits in the specified assets will be suspended by November 30. And on November 4, users will not even be able to withdraw the corresponding tokens to their wallets. If these assets remain in clients’ wallets, then on December 5 they will be automatically converted into US dollars “at the market rate.”
It is worth noting that other sites in Canada have already taken similar steps. For example, in August, the Coinbase exchange stopped trading USDT, DAI and RAI for Canadian users.
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