Kraken, a prominent cryptocurrency exchange, is set to suspend transactions involving five digital assets in Canada, including Tether (USDT) and Wrapped Bitcoin (WBTC). This strategic move is a response to evolving Canadian regulations, mirroring a wider trend in the crypto industry.
Kraken, a leading cryptocurrency exchange, has made a surprising announcement that has caught the attention of the Canadian crypto community. By the end of November, Kraken will suspend transactions involving five significant cryptocurrencies in Canada. These digital assets include Tether (USDT), Dai, Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), and Wrapped Axelar (WAXL).
The decision appears to be a response to the changing regulatory environment in Canada, following in the footsteps of other exchanges like Coinbase, Crypto.com, OKX, and Binance, which have adjusted their services or exited the Canadian market in 2023 due to regulatory pressures. Unlike some of its counterparts, Kraken is not leaving the Canadian market entirely but is instead suspending specific assets.
Kraken has provided its users with a clear timeline for these asset suspensions. Starting on November 30th, deposit and trading functions for the mentioned assets will be temporarily halted. From December 4th, users will no longer be able to withdraw these assets.