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Kraken To Suspend All USDT, WBTC Deposits In Canada

Crypto exchange Kraken has confirmed that it plans to close all trading, deposits, and withdrawals for Tether USD (USDT), Wrapped Bitcoin (WBTC), and other reserve-backed assets in Canada. The suspension follows a similar stablecoin clampdown at other Canadian exchanges, amid regulatory guidance pertaining to the legal standing of such tokens. As of November 30 at 12:00 p.m. EST, deposits and trading for each coin will end. Withdrawals will end on December 4 at 11:00 a.m. EST, with such assets remaining on the platform to be converted into USD at the prevailing market rate on December 5. Back in April, rival exchange Coinbase also announced its cancellation of support in Canada for stablecoins.

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