One of the biggest digital asset exchanges in the world, Crypto.com, informed all of its Canadian users via email today that it will be delisting Tether’s USDT stablecoin. The lack of transparency around the money that are supposed to underpin the stablecoin itself has always made some people’s belief in USDT a little iffy. In my perspective, just as you cannot trust the banks, you cannot really trust any centralized stable coins either BUT that goes for all of them not just USDT.
According to the email from Crypto.com, all USDT trading pairs, transactions, deposits, and withdrawals will be delisted by 1 p.m. ET on January 31. After that time, all USDT customer deposits will be converted to USDC issued by Circle.
For some time now, the Canadian Standards Association (CSA) and the Ontario Securities Commission (OSC) have pushed for greater regulation of the cryptocurrency markets, but is this really to safeguard the public as they claim? Or is it only another means of censoring the sector?
For many years, Canadian banks have been unwelcoming to customers looking to buy cryptocurrencies, blocking customers’ credit cards and bank accounts when they tried to buy bitcoin and other digital assets.
The OSC also expelled Binance from Ontario last year, but not because it was defending the interests of the residents of the province; rather, it did so because CZ, the founder of Binance, refused to give the OSC access to his company’s user data. As an offshore company, Binance is not required to provide the OSC with sensitive user data.
What exactly is happening then? Tether, the third-largest market capitalization cryptocurrency asset, was delisted, but other stable coins weren’t. And who will be next?
