In an emailed statement to The Logic, the Singapore-based cryptocurrency-trading platform said it delisted the stablecoin for Canadian users at the behest of the Ontario Securities Commission as part of its application for registration as a restricted dealer. (The Logic)

Talking point: Stablecoins, or crypto assets that are meant to mirror the value of a real-world currency like the U.S. dollar, are coming under increasing scrutiny in Canada. The federal government, the country’s securities regulators and financial agencies are working on rules for stablecoins as part of a legislative review of digital assets, while the Canadian Securities Administrators recently reminded platforms they can’t permit Canadians to trade crypto assets that are securities, which may include stablecoins. Some Canadian crypto platforms are explicitly barred from listing Tether, which has a history of controversy, in the regulatory orders granting them restricted dealer status. The collapse of another stablecoin, terraUSD, played a major role in the crypto crash in the summer of 2022.