BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Coinbase Halts Trading of Select Stablecoins in Canada Days After Local Launch

by Dan K
Aug 18, 2023 - 6:00 pm
in Blockchain
Graphic representation of the Coinbase logo with elements of the Canadian flag, signifying its recent strategic decisions in the country.

Coinbase’s Strategic Retreat

Merely days into its much-anticipated Canadian venture, Coinbase has taken the crypto community by surprise. The globally renowned crypto exchange has decided to suspend trading for USDT, DAI, and RAI stablecoins for its vast Canadian user base starting September 2023.

The Logic Behind the Strategy

Coinbase’s decision is rooted in its dedication to maintaining transparency and strict regulatory adherence. They periodically undertake evaluations of assets to determine their compliance with the platform’s high listing standards. While trading for these stablecoins is set to stop, Canadian customers are not left in a lurch – they retain the ability to deposit and withdraw these stablecoins up until the set deadline.

Crypto.com’s Similar Stance

Coinbase isn’t alone in its reshuffling of stablecoin offerings. Crypto.com, another titan in the crypto exchange domain, has also delisted USDT for its users in Canada. This decision aligns with the Ontario Securities Commission’s earlier move in 2021 to prohibit USDT trading. Yet, the layers of this decision are manifold, with the specific reasons for this ban still shrouded in mystery.

Canada’s Evolving Crypto Regulatory Framework

Canada’s proactive approach to crypto regulation is evident. The Canadian Securities Administrators (CSA) have put forth a clear stance on their expectations from crypto exchanges. A notice they released on Feb. 22 clearly dictates that all crypto exchanges, regardless of whether they are registered or in the process, need to have legally binding agreements with regulatory oversight bodies.

Diving Deeper into Stablecoin Mechanics

Stablecoins have been lauded for their relative stability in the often tumultuous crypto market. USDT, for example, maintains a 1:1 relationship with the US Dollar. DAI presents a unique approach by amalgamating properties of both fiat-backed and algorithmic stablecoins. RAI, however, stands distinct as a purely algorithmic stablecoin, devoid of any specific asset connection.

USDC’s Continued Presence

Amid these shifting sands, Canadian crypto enthusiasts have a beacon of hope. Presently, USDC stands tall as the only stablecoin that has received the CSA’s blessing, allowing it to be traded on centralized crypto exchanges within Canadian borders.

Tags: BlockchainCanadaCoinbase
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Shanghai cityscape with overlaying blockchain icons representing its commitment to technological growth.

Shanghai Unveils Blueprint to Boost Blockchain Progress by 2025

September 27, 2023

Shanghai announces a comprehensive strategy targeting rapid blockchain evolution by 2025, aligning with China's support for domestic blockchain...

A graph showcasing the decline in Binance's market share in 2023.

Binance’s Non-Dollar Exchange Market Share Dips by 25%

September 27, 2023

Binance's dominance in non-dollar crypto exchanges takes a hit, dropping 25% since January 2023, facing challenges from competitors...

Aerial view of Tecpetrol's new crypto mining setup, surrounded by the vast landscapes of Argentine Patagonia.

Argentinian Oil Giant Tecpetrol Turns to Crypto Mining Using Excess Gas

September 27, 2023

Tecpetrol ventures into cryptocurrency mining by converting excess gas into energy, setting an example in both sustainability and...

Binance CEO CZ engaged in a discussion regarding the recent HTX hack.

CZ Appoints Binance Security Team to Track Huobi HTX Stolen Funds

September 26, 2023

Binance's CZ extends a helping hand to Huobi HTX after a hack drained $8 million from the exchange....

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise