Kraken, a big cryptocurrency exchange, will temporarily halt trading in five of the most popular coins as a result of changes in Canadian rules.
Kraken, one of the most well-known cryptocurrency exchanges, has announced that it would temporarily stop processing Canadian transactions involving five cryptocurrencies. Tether (USDT), Dai, Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), and Wrapped Axelar (WAXL) will all be affected by this significant change, which is expected to go into effect by the end of November.
The company’s apparent strategy change is a direct result of Canada’s shifting regulatory climate. As part of a larger trend driven by regulatory revisions, other Canadian cryptocurrency exchanges have taken similar decisions in 2023, which should come as no surprise to the local crypto community.
Coinbase made waves earlier this year when it followed Crypto.com in delisting USDT and other Tether-based cryptocurrencies (DAI and RAI). Some exchanges are adjusting their asset selection to accommodate Canadian customers, while others have left the country entirely.
OKX, a well-known exchange, decided to end its Canadian operations in June, while Binance, another major exchange, announced its intention to leave Canada in May. Kraken is not leaving the Canadian market altogether; rather, they are pausing trades related to a select group of assets.
The anticipated suspension of the above cryptocurrencies has been communicated to a large number of Kraken clients via email. In the next month, Kraken will begin the process of suspending these five cryptocurrencies.
Kraken has given its customers a clear idea of when these interruptions would begin and end. Deposit and trading services for the assets mentioned above will be temporarily suspended beginning on November 30. After December 4th, users won’t be able to make withdrawals using these funds.
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