Coinbase will close access to trading of some stablecoins in Canada
Coinbase will close access to trading of some stablecoins in Canada
Cryptocurrency exchange Coinbase has informed its Canadian users that it will suspend trading of USDT, DAI, and RAI stablecoins as of August 31.
The Coinbase Canada platform explained the move by saying that it intends to comply with regulatory requirements and will not conduct these activities until it receives official registration in the country. The move comes as the exchange expands its reach into Canada and expands its presence in the North American market.
Canadian users were notified via email that some services would be suspended due to a process that includes an audit of Coinbase's assets to ensure compliance with listing standards.
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However, the exchange said that its Canadian clients will be able to deposit and withdraw said stablecoins unhindered after August 31.
The exchange recently launched a free 30-day trial of its Coinbase One subscription service in Canada, key benefits of which include zero trading fees and premium client support, Coincu said.
Coinbase began tapping into the Canadian market after being pestered by U.S. regulators. Specifically, the U.S. Securities and Exchange Commission filed a lawsuit against Coinbase, accusing it of offering unregistered securities and operating as an unregistered securities exchange and broker.
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