Coinbase Suspends USDT, DAI, and RAI for Users in Canada

Cryptocurrency exchange Coinbase announced it has officially launched operations in Canada, marking an expansion of its services in the North American country. Coinbase framed the launch as an important milestone in its strategy to grow its global footprint.

Also read: Coinbase is Officially Launching in Canada

However, in an email to Canadian users, Coinbase also noted it will suspend trading for three popular stablecoins—USDT, DAI, and RAI—at the end of August in Canada. The company stated that, as part of routine reviews, it determined these assets no longer met its listing standards for trading.

Coinbase confirmed that users can still deposit and withdraw

While trading will be halted, Coinbase clarified that users will still be able to deposit and withdraw the affected stablecoins after the change takes effect. The transition impacts a core component of crypto trading activity on Coinbase in Canada.

Coinbase did not provide details on what prompted it to suspend exchange services for USDT, RAI, and DAI in Canada. Coinbase said ensuring assets meet its standards is part of an ongoing monitoring process.

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The exchange announced earlier that it is offering a 30-day trial of its One service to Canadian users. This platform provides features such as no trading fees, increased staking rewards, and prioritized support. Additionally, the company expressed its intention to collaborate with regulators, banking partners, and institutional investors. As part of this, the exchange highlighted its envisioned role in contributing to cryptocurrency regulation in Canada.