Canadian Regulation | Kraken to Delist USDT, DAI, WBTC, and Other Cryptocurrencies

Following the practices of Coinbase and Crypto.com, Kraken has also announced that it will delist certain cryptocurrencies in Canada.

Kraken: Continuously Monitoring Assets for Listing

According to a report by Cointelegraph and screenshots of emails from Twitter users, Kraken will be delisting the following assets starting in November, and withdrawals for these assets will be disabled starting December 4:

• Dai (DAI)

• Tether (USDT)

• Wrapped Ether (WET)

• Wrapped Axelar (WAXL)

• Wrapped Bitcoin (WBTC)

A spokesperson for Kraken stated:

We have been monitoring the assets listed on our platform and only confirm delistings after ensuring that we meet compliance standards in the crypto industry. This decision was made in consultation with the Canadian Securities Administrators (CSA), and users were notified on 10/28. We remain committed to providing an exceptional trading experience for our Canadian users.

Kraken will continue to operate in Canada.

Is Canada Too Strict? Exchanges Leaving and Delisting Stablecoins

Exchanges have been announcing their exit from the Canadian market since 2023, including:

• Binance

• OKX

• Bybit

• Bitstamp

Even for those staying in Canada, Coinbase and Crypto.com have also delisted stablecoins and other assets, but have not delisted USDC:

Coinbase will suspend USDT trading. Are there stricter regulations on stablecoins in Canada?

Previously, the Canadian regulatory authorities claimed they would negotiate with exchanges and stablecoin issuers to relax regulatory standards, but this does not seem to have taken effect:

USDT has been successively delisted this year. Canadian regulatory authorities: Conditional opening of stablecoin trading