Key points:
- Kraken suspends trading for five specific assets in Canada.
- The decision is made in response to recent regulatory changes in Canada.
- This change will be implemented starting from November 30, 2023
Kraken, one of the leading cryptocurrency exchange platforms, has announced the suspension of trading for these five digital assets: USDT (Tether), DAI, WBTC (Wrapped Bitcoin), WETH (Wrapped Ether), and WAXL (Wrapped Axelar). This measure will take effect from November 30.
Kraken explains its decision
According to Kraken’s statements, this decision was made “in compliance with recent Canadian regulatory changes. The platform also emphasized that it remains committed to providing an “exceptional trading experience” to its Canadian clients.
Deposits and trading functions for these assets will be suspended from November 30, and withdrawals will no longer be possible from December 4. Finally, all remaining assets will be converted to US dollars from December 5.
This decision by Kraken is not isolated. It is part of a broader trend of measures taken by other exchange platforms, such as Coinbase and Crypto.com, which have also suspended certain assets due to regulatory challenges.
