Crypto.com Has Lost About 55.66% USDT In 7 Days Before Delisting In Canada

Key Points:

• Crypto.com has lost around $80 million in the past seven days, with USDT positions down 55.56%.
• Today, Crypto.com had to delist from Canada due to compliance with the laws of this country.

Data shows that Crypto.com has lost $80 million in the past seven days. The exchange held about 52 million USDT before having to delist in Canada.

Web3 knowledge mapping protocol 0xscope tweeted on its account that data shows crypto exchange Crypto.com currently holds the most significant amount of USDC, around 777 million USDC.

Meanwhile, the amount of USDT holding is only about 52 million tokens. That number has dropped by about $80 million in the past seven days.

As mentioned in an earlier Coincu News article, cryptocurrency exchange Crypto.com plans to delist Tether (USDT) from Canadian users starting January 31, 2023. According to the exchange. During this service, if the user does not withdraw or convert USDT by the deadline, their USDT will automatically be converted to USDC.

“You may be subject to a withdrawal fee if the USDT from an external wallet expires after this period, and in some cases, will be irrevocable,”

The notice reads.

In August 2022, Crypto.com announced that the Ontario Securities Commission OSC had accepted applications for the exchange’s operations in Canada.

According to regulatory requirements, digital currency exchanges operating in Ontario are prohibited from listing coins banned by the OSC, including USDT. Similarly, Coinsquare, a business run by the Canadian Investment Industry Regulatory Organization IIROC, does not currently list USDT.

As one of the largest stablecoins in the market, Crypto.com’s regulatory action leaves Canadians with fewer options for profiting from their money. This makes the delisting of USDT “an important issue for Canadians.”

However, in sharing this issue, a representative of Tether stated that Canada is not a core market for Tether. However, Tether also focuses on the widespread implementation of USDT while ensuring legal compliance.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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