Cryptocurrency exchange Kraken will close access to transactions related to Tether (USDT), DAI, Wrapped Bitcoin (WBTC), Wrapped Ether (WET), and Wrapped Axelar (WAXL) in Canada in November and December.
The Kraken exchange stated, "We constantly monitor the assets on our platform to ensure we are meeting the highest compliance standards in the crypto industry. As such, the above transactions have been suspended."
These actions are related to recent regulatory changes in Canada. Similar actions have been taken by other exchanges. In particular, Coinbase stopped trading USDT, DAI, and RAI in August, and earlier, the Crypto.com exchange removed USDT from its listing.
"In accordance with recent regulatory changes and following extensive consultation with the CSA and OSC, we today notified our clients that we will soon be suspending trading for USDT, DAI, WBTC, WETH, and WAXL," Kraken commented.
According to Cointelegraph, users of the exchange received an email notifying them of the impending delisting, while also noting that Kraken will continue to provide an exceptional trading experience for clients in Canada.
It's worth noting that, due to the new requirements and regulatory issues that have arisen, some exchanges have decided to leave the Canadian market altogether. For example, OKX closed its Canadian operations in June, while Binance announced it would cease operations in May.
Kraken intends to continue operating in Canada but is suspending transactions on the five listed assets. The changes will take effect on November 30.
The notice informs users that deposits and trading on these assets will be unavailable as of November 30, and withdrawals will be unavailable as of December 4. On Dec. 5, all remaining assets will be converted to US dollars at the market rate and credited to users' accounts.
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