Crypto.com delists Tether(USDT) for Canadians

BenCodie

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Quote from: Bitcoin_Arena on January 31, 2023, 05:46:16 PM

Quote from: vv181 on January 10, 2023, 07:38:35 PM

The question is why the Ontario Securities Commission prohibits Tether in the first place because that is where it gets interesting. Like, for what reason does USDT get prohibited? We all know that USDT is widely scrutinized due to its lack of trust assurance in regard to its reserves.

Or is it in preparation for their Government controlled CBDC's

To me, it doesn't make any sense. I don't use crypto.com, but don't they have other stablecoins on the platform like USDC that traders will decide to use instead of the banned USDT?

How about all other shitcoins? Does the Ontario Securities Commission feel they are much safer than USDT?

I was wondering the exact same thing until I read what you posted (in bold). It makes complete sense and it would probably be the only reason for such an action. My only other thought is it could be some sort of deal or lobbying by those behind USDC, who are very aligned with government/corporate interests, at least in the USA.

rodskee

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it is clear that only USDT is what had been banned meaning there are lot of stable coins they can use ? canadian may be for once take this an issue but eventually? they will move on and tries finding other coins to fit in their need to trade or anything they need to use for exchange and trade.

actually USDT is just one of the many so lets not make this a big case for the whole crypto market and specially in trading people.

Bitcoin_Arena

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Quote from: vv181 on January 10, 2023, 07:38:35 PM

The question is why the Ontario Securities Commission prohibits Tether in the first place because that is where it gets interesting. Like, for what reason does USDT get prohibited? We all know that USDT is widely scrutinized due to its lack of trust assurance in regard to its reserves.

Or is it in preparation for their Government controlled CBDC's

To me, it doesn't make any sense. I don't use crypto.com, but don't they have other stablecoins on the platform like USDC that traders will decide to use instead of the banned USDT?

How about all other shitcoins? Does the Ontario Securities Commission feel they are much safer than USDT?

cryptoaddictchie

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Quote from: vv181 on January 10, 2023, 07:38:35 PM

The question is why the Ontario Securities Commission prohibits Tether in the first place because that is where it gets interesting. Like, for what reason does USDT get prohibited? We all know that USDT is widely scrutinized due to its lack of trust assurance in regard to its reserves.

Maybe lack of trust and assurance in ny opinion. In the article it says if not converted or change to accepted crypto then they will automatically converted it to usdc, does this mean that they will not get hold of it and instead change users token into different one. Cause if thats the case there is ni problem with that, but if they gonna take it then thats purely a legitimate scam appro.

vv181

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The question is why the Ontario Securities Commission prohibits Tether in the first place because that is where it gets interesting. Like, for what reason does USDT get prohibited? We all know that USDT is widely scrutinized due to its lack of trust assurance in regard to its reserves.

Anyway, I believe due to the recent FTX contagion issue, many countries will tighten their regulation toward cryptocurrencies, especially the kind of token that is directly tied to FIAT currency like USDT in this case. So, it is expected a central authority will ask for assurance about centralized stablecoins that are managed by intermediaries.

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Yes, you've read the title right. For Canadian users of Crypto.com, they've delisted USDT because of the ban and regulations that's been implemented in Ontario, Canada.

Quote from: https://cointelegraph.com/news/crypto-com-delists-usdt-for-canadian-users-following-osc-ban

According to user reports on Jan 10, cryptocurrency exchange Crypto.com plans to delist Tether (USDT) for Canadian users effective Jan 31, 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."

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