Coinbase Will Suspend USDT, DAI and RAI Trading for Canadian Users

The exchange expanded its services in Canada earlier this week.

AccessTimeIconAug 17, 2023 at 7:28 p.m. UTC
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Crypto exchange Coinbase (COIN) will suspend trading with USDT, DAI and RAI stablecoins for Canadian users starting at the end of this month, the company said in an email.

“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” the note sent to users reads. “Based on our most recent reviews, Coinbase will suspend trading in Canada for RAI Reflex Index (RAI), Dai (DAI) and Tether (USDT) on Aug. 31 around 12 pm ET.”

Users will be able to deposit and withdraw the impacted stablecoins following the trading suspension, the note added.

Coinbase's email to users in Canada (Coinbase)
Coinbase's email to users in Canada (Coinbase)

The action comes after Coinbase expanded its services in the country with an official launch this week, integrating local banking rails and working with regulators. The exchange earlier praised Canadian authorities’ approach to regulate crypto with clear rules and engaging with digital asset firms.

Canada rolled out tighter regulations to govern crypto exchanges this year, putting pressure on some exchanges and stablecoins operating in the country. For example, rival exchange Binance left the market in May, while Crypto.com delisted USDT from its platform this January in anticipation of the stricter rules.

Edited by Stephen Alpher.

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Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.


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