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According to reports from Crypto.com users in Canada, the crypto exchange plans to remove USD Tether (USDT) from its list of supported stablecoins by the end of January 2023.
In its publication, Crypto.com stated that users would have their Tether automatically converted to USD Coin (USDC) if they do not either withdraw or convert their USDT funds before the 31st of January, 2023.
“You may incur a retrieval fee if deposits of USDT are made from external wallets after this suspension period, and fund retrieval may not be possible in some cases.”
Last year in 2022, the cryptocurrency exchange, Crypto.com, revealed the Ontario Securities Commission (OCS) had begun to process its registration to operate in Canada. However, as part of the OCS regulatory requirements, registered crypto exchanges operating within Canada are prohibited from listing all the assets the commission has banned, including USDT.
In other words, it is not only Crypto.com that does list USDT on its exchange.
Interestingly, the OSC has never explained why it banned Tether. However, a document that was unsealed on the 17th of February revealed that Tether had only $61 million to back the 442 million Tethers in circulation until Sept 15, 2017.
“…the only U.S. dollars held by Tether ostensibly backing the approximately 442 million tethers in circulation was the approximately $61 million on deposit at the Bank of Montreal.”