Crypto Exchange Uphold Announces Removal of Dogecoin, Shiba Inu, and Cardano from Canadian Platform
Crypto exchange Uphold has made the decision to remove a selection of cryptocurrencies, including Dogecoin, Shiba Inu, and Cardano, from its offerings in Canada. This move comes as the exchange aims to comply with the country’s cryptocurrency regulations.
In a recent communication to its Canadian users, Uphold disclosed that it would be delisting 10 cryptocurrencies classified as Tier 3 assets. The decision is part of the exchange’s efforts to align with the Pre-Registration Undertaking agreement with the Ontario Securities Commission, a step towards obtaining proper registration in Canada.
The affected cryptocurrencies include Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), XDC Network (XDC), Kaspa (KAS), Hedera (HBAR), Stellar (XLM), VeChain (VET), Injective (INJ), and Casper (CSPR). Additionally, all Tier 4 tokens in the region will also be delisted, which encompasses other cryptocurrencies like Terra Classic (LUNC) and the Solana-based BONK meme coin.
Despite this, not all Tier 3 tokens are facing delisting. Bitcoin, Ethereum, and XRP will remain on the Uphold platform. This is not entirely unexpected, as Bitcoin and Ethereum are leading assets in the space, and Uphold has a strong partnership with Ripple, the parent company of XRP.
For those holding Dogecoin, Shiba Inu, and Cardano, Uphold has provided a 30-day window to either withdraw their holdings or convert them into other supported cryptocurrencies on the platform. After January 15, 2024, any remaining assets will be automatically converted into Canadian Dollars (CAD), as per the exchange’s policy.
This development adds another layer of challenge for the affected cryptocurrencies, which have already been facing difficulties in sustaining their positive market momentum.
Source: bitcoinist.com