It has been announced that Kraken would be suspending all of its transactions which are related to Tether, Wrapped Bitcoin, Dai, Wrapped Ether, and Wrapped Axelar in Canada in November and December- as mentioned through multiple customer emails that were shared with media houses.
One spokesperson for the company stated that they had started monitoring the assets on the platform in order to ensure that they were meeting the highest compliance standards present in the crypto industry- before they confirmed the suspensions. The email from the spokesperson further added that the company would remain committed to providing Canadian clients with some exceptional trading experience.
Kraken Hasn’t Suspended Its Operations In Canada Yet
The suspensions from Kraken might not surprise many of the cryptocurrency users in Canada, as they do come on the heels of other notable crypto exchanges taking similar actions throughout the year. In the month of August, the crypto exchange Coinbase ceased trading in DAI, USDT, and RAI, which followed a pretty similar move by Crypto.com after it had delisted USDT previously. The same challenges to regulation that were faced by the firms could have also led to others trying to withdraw from the Canadian market entirely. As reported by Cointelegraph, OKX had also ceased its operations in the country in June after Binance announced its intention to do the same in May.
Kraken, on the other hand, appears to still have its operations continue in Canada and will just be suspending transactions related to five very specific assets. In other news, the company also announced the appointment of a new MD for its operations in the United Kingdom on the 27th of October. The new director, Bivu Das, is an entrepreneur and the former head of Starling Bank with quite a long history in traditional financial services.