Kraken To Temporarily Halt Some Crypto Trading In Canada Due To Recent Regulatory Changes.

Deposits and trading will be halted starting from November 30, and withdrawals will be prohibited from December 4. All remaining assets will be converted to U.S. dollars at the prevailing market rate on December 5.

Kraken has announced that it will suspend all transactions involving assets such as USDT, DAI, WBTC, WETH, and WAXL. A spokesperson for Kraken stated, "We continuously review the assets on our platform to ensure the highest compliance standards in the crypto industry."

According to the spokesperson:

"After recent regulatory changes in Canada and extensive discussions with CSA and OSC, we have announced that we will soon suspend USDT, DAI, WBTC, WETH, and WAXL transactions for our customers." Kraken's decision to suspend these transactions may not come as a surprise to Canadian users, as many similar decisions have been made throughout 2023. Coinbase, for example, announced the suspension of USDT, DAI, and RAI transactions in August.

These challenges have led some crypto exchanges to withdraw from the country. Binance disclosed its plans to withdraw, and OKX announced the cessation of its activities in the country in June.

Kraken, at the moment, does not seem to be taking a similar step.

As of November 30, deposits and trading activities for these assets will come to an end. Subsequently, from December 4, users will no longer be able to withdraw funds from these assets.

It has been announced that all remaining assets will be converted to U.S. dollars at the prevailing market rate on December 5 and transferred to users' accounts.