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To maintain <a href="https://news.todayq.com/canadas-approach-to-crypto-regulation-is-putting-exchanges-in-a-tight-spot/" rel="noopener noreferrer nofollow">strict legal standards</a> in the rapidly evolving cryptocurrency industry, Kraken, a leading crypto exchange, recently announced the suspension of transactions related to several popular digital assets in Canada. The affected assets include Tether (USDT), DAI, Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), and Wrapped Axelar (WAXL). Kraken adapts to regulatory changes 
This decision comes in response to recent regulatory changes in Canada and vast consultations with theCanadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC). 
A spokesperson from Kraken highlighted the exchange’s commitment to providing an exceptional trading experience for its Canadian clients. This move aligns with a broader trend in the industry, as several exchanges have taken similar actions throughout 2023 to navigate the challenges posed by evolving Canadian regulations. A phased approach to compliance 
The decision’s timeline is as follows:
<ol>
 <li>November 30th: Deposits and trading functions for the mentioned assets will be suspended.</li>
 <li>December 4th: Withdrawals of these assets will no longer be possible.</li>
 <li>December 5th: Any remaining assets will be converted to U.S. dollars at the prevailing market rate and credited to users’ accounts.</li>
</ol>
This phased approach aims to ensure a smooth transition for users and a compliance-oriented trading environment.
Related Article: <a href="https://news.todayq.com/bybit-set-to-wind-up-operations-in-uk-due-to-regulatory-changes/" rel="noopener noreferrer nofollow">Bybit set to wind up operations in UK due to “regulatory” changes</a> Kraken’s unique approach 
Kraken’s decision to suspend certain asset transactions differs from some competitors, such as Coinbase, who ceased trading of USDT, DAI, and RAI entirely. This move is in parallel with a broader trend in the industry, as exchanges like <a href="https://news.todayq.com/after-binance-and-okx-crypto-exchange-bitstamp-announces-exit-from-canada-due-to-timing-issue/" rel="noopener noreferrer nofollow">Crypto.com and OKX</a> have also adjusted their operations in Canada due to regulatory challenges.
Kraken, on the other hand, is demonstrating its commitment to the Canadian market by making asset-specific adjustments to meet regulatory requirements while continuing to offer a range of cryptocurrency services.
Amidst the regulatory uncertainty in Canada, recently on October 27, 2023, Kraken appointed Bivu Das as the UK Managing Director, Mr. Das, an experienced entrepreneur and former head of Starling Bank, brings a wealth of fintech and traditional financial services expertise to the role. According to Kraken, Bivu will oversee an extensive network of regulatory, political, and commercial relationships as it continues to expand its national footprint.
© Todayq News

Kraken suspends certain Crypto transactions in Canada amid regulatory uncertainty

Todayq News

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