"Unfortunately, there are many crypto exchanges that want to dispose of stablecoins."
Starting August 31, 2023, cryptocurrency exchange Coinbase will suspend trading of Tether (USDT), DAI and stablecoins for its users in Canada.
According to Coinbase in an email notice to its users on August 17, 2023, its team is in the process of monitoring digital assets on their crypto exchange to ensure they meet its listing standards.
However, Coinbase said that Canadian users can still deposit and withdraw stablecoins after that deadline, adding that they have filed an application for registration in Canadian jurisdiction.
In addition to Crypto.com delisting USDT for its users earlier this year, the Ontario Securities Commission was found to be banning USDT in 2021 but so far has not explained why it did so.
On February 22, 2023, the Canadian Securities Administrators (CSA) issued a notice requiring registered or unregistered crypto exchanges to sign a Letter of Undertaking executed by the regulatory body.
It is well known that USDT is a stablecoin supported by fiat reserves while Dai exists as a hybrid between fiat and an algorithmic stablecoin, then RAI is an algorithmic stablecoin not pegged to any asset.
For now, the only stablecoin approved by the CSA for listing on a centralized crypto exchange is USD COIN (USDC).
So here it can be seen that the crypto exchange OKX has withdrawn from Canada in June 2023 and not forgetting Binance who will also act similarly by September after they find that the country implements new rules.
