Kraken’s Crypto Shake-up: Change is Coming for Canadian Users

What’s Happening?

Kraken, the popular crypto exchange, is pulling the rug out on Canadian users by suspending transactions related to Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), and Wrapped Axelar (WAXL). A slew of emails sent to customers confirms that these changes are set to take place in November and December of this year.

Compliance Over Convenience

When asked about the sudden changes, a Kraken spokesperson stated, “We constantly monitor the assets on our platform to ensure we are meeting the highest compliance standards in the crypto industry.” It seems that stacking compliance paperweights is more important than keeping customers happy, eh?

The Ripple Effect

These changes shouldn’t come as a surprise. This year has seen many other exchanges head for the hills, with Coinbase stopping trades on USDT, DAI, and RAI. Even Crypto.com got in on the action and decided to de-list USDT. It’s like a game of musical chairs, but no one wants to sit down when the music stops.

What This Means for Users

1. End of Trading: From November 30th, users can kiss their deposits and trading functions goodbye for the affected assets.
2. Withdrawals Will Follow: Mark your calendars! After December 4th, no one will be able to withdraw those pesky assets.
3. Last Round-up: Come December 5th, any remaining assets will be turned into U.S. dollars at the “prevailing market rate,” so you might want to check your math on conversions before raising your fist in triumph.

Sticking Around: Kraken’s Commitment

Despite these changes, Kraken remains committed to providing a solid trading experience for Canadian clients. They aren’t packing up and leaving like some of their competitors. For now, Canadian users can still maintain their accounts—just without the five specified assets.

New Moves on the Block

In other Kraken news, they recently elevated Bivu Das, a former head at Starling Bank, to the role of managing director for U.K. operations. Talk about a shake-up! This move indicates that Kraken might be playing the long game, focusing on compliance while shaking things up in their leadership.