Kraken recently announced the suspension of all transactions related to Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Wrapped Ether (WETH) and Wrapped Axelar (WAXL) in Canada. This measure was taken following extensive consultation with the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC). Regarding this, a Kraken spokesperson said: “We constantly monitor the assets on our platform to ensure we are meeting the highest compliance standards in the crypto industry.”

The suspension will take effect in the following order: as of November 30th, the deposit and trading functions for these assets will be suspended; as of December 4th, users will no longer be able to withdraw the assets associated with their accounts; and as of December 5th, any remaining assets related to the company will be converted into U.S. Dollars at the prevailing market rate and credited to users’ accounts.

Many crypto users in Canada aren’t surprised by these suspensions as several notable exchanges have taken similar measures in 2023. For instance, Coinbase delisted USDT in August, and Binance announced its intent to cease its operations in Canada on May. However, Kraken still appears to continue its operations in Canada, only suspending transactions for the five specific assets.

In related news, Kraken appointed a new managing Director for its U.K. operations on September 30th. Bivu Das, the former head of the Department of Homeland Security and an entrepreneur from Starling Bank, brings a wealth of experience in both traditional and fintech financial services.