The US-based cryptocurrency exchange Coinbase has announced
its decision to halt trading of prominent stablecoins, namely Tether (USDT),
Dai (DAI), and RAI Reflex Index (RAI), for its Canadian users starting from the
end of this month. This significant step was reportedly taken by the company in
response to regulatory changes in the country.
Coinbase noted in an
email sent to users yesterday (Thursday) that the suspension of trading for
USDT, DAI, and RAI is a result of its ongoing assessment of listed assets,
ensuring they meet the platform’s stringent listing standards.
“We regularly monitor the assets on our exchange to
ensure they meet our listing standards. Based on our most recent reviews,
Coinbase will suspend trading in Canada for RAI Reflex Index (RAI), Dai (DAI),
and Tether (USDT) on August 31, 2023, around 12 PM ET,” the exchange wrote
to its users. However, Coinbase emphasized that users will still be able to
deposit and withdraw these impacted stablecoins, adding that customers could
still manage their holdings.
This development comes
closely on the heels of Coinbase’s expansion
of services in the Canadian Market.
Four days ago, Finance
Magnates reported that
the crypto asset exchange had ventured into the Canadian market through…
