As of January 10, user reports circulating on social media suggested that cryptocurrency exchange Crypto.com intended to delist Tether (USDT) for customers in Canada starting on the 31st of this month. These reports originated from the clients of the cryptocurrency exchange.

Clients of the exchange have been informed that if they miss the deadline to withdraw or convert their USDT assets and instead let the exchange do it for them, their Tether will automatically be converted to USD Coin (USDC).

In August, Crypto.com made the announcement that the Ontario Securities and Exchange Commission had given the company the green light to go ahead with its pre-registration commitment in order to conduct business in Canada.

It is against the rules of the regulatory framework for cryptocurrency exchanges in the province of Ontario, which is in the nation of Canada, to offer digital assets that are prohibited by the Ontario Securities Commission (OSC). This is because Ontario is part of Canada. This incorporates the USDT.

Coinsquare, a cryptocurrency exchange that is governed by the Investment Industry Regulatory Organization of Canada (IIROC), does not currently list USDT as one of the assets that can be traded on its platform. This is similar to the aforementioned scenario.

When it came time for the CSO to issue its ruling, the organization never offered a justification for why it had concluded that anchoring should be restricted.

According to a document that was made public on February 17, 2021, it was stated that the only US dollars owned by Tether that were allegedly backing the approximately 442 million Tethers in circulation were the approximately $61 million that was on deposit with the Bank. from Montreal. There have been a number of professionals in the industry who have, at times, questioned the veracity of Tether’s reserves, as well as audits.

The Investment Industry Regulatory Organization of Canada (IIROC) requires registration of any prospective cryptocurrency exchange intending to start doing business in Canada at this time.

In the past, the Ontario Securities Commission (OSC) has questioned the regulatory status of several cryptocurrency exchanges, including Binance, Bybit, and Huobi, leading to a number of disagreements between the two parties.