Kraken to Halt Specific Crypto Transactions in Canada; Appoints New UK Managing Director
Summary:
Kraken, the digital currency exchange, is set to halt all trade involving USDT, DAI, WBTC, WETH, and WAXL in Canada. This comes as a response to recent changes in Canadian cryptocurrency regulations. The move is not considered surprising as other prominent exchanges have undertaken similar actions this year. However, Kraken intends to continue operations in Canada by merely suspending certain asset-related transactions. It also announced the appointment of Bivu Das as their new Managing Director for UK operations.
Kraken, the digital currency exchange, plans to interrupt all trade involving USDT, DAI, WBTC, WETH, and WAXL in Canada, starting this November and December; this information sourced from assorted client emails leaked to Cointelegraph. In reply to an inquiry from Cointelegraph, a spokesperson from Kraken provided this via an email statement: “By perpetually scrutinizing all assets listed on our exchange, we ensure our compliance standards are maintained at industry-leading levels.” They then verified the planned suspensions, and added: “Conforming to recent alterations in Canadian cryptocurrency regulations, following extensive engagement with the CSA and OSC, we have informed our client base today about our impending suspension of transactions related to USDT, DAI, WBTC, WETH, and WAXL."
The Kraken representative also confirmed their ongoing commitment to delivering superior trading experiences for their Canadian clientele. The upcoming transaction suspensions won't surprise many Canadian digital currency enthusiasts, given that several other prominent exchanges have made analogous moves in 2023. For instance, in August, both Coinbase and Crypto.com discontinued trading Tether, Dai, and Rai, while Crypto.com also previously delisted Tether. Similar Canadian regulatory constraints may have prompted some establishments to retreat from the Canadian market fully. As Cointelegraph has highlighted, OKX wrapped up its operations in Canada in June after Binance had signaled their intent to do so in May. Meanwhile, Kraken confirmed its continued presence in the Canadian market, with only the suspension of certain asset-related transactions.
As per the information from the email, deposits and trade functions are to be halted for the named assets starting November 30th followed by withdrawal functions from December 4th. From December 5th, users' remaining assets of these kinds will be converted into US Dollars at the up-to-the-minute market rates and credited to the users' accounts.
In other recent news from Kraken; on October 27th, they introduced Bivu Das, a seasoned entrepreneur and former head of Starling Bank, as their new Managing Director for UK operations, bringing extensive experience from fintech and traditional financial services.
Published At
10/27/2023 8:40:59 PM
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