The New York-based crypto brokerage and stablecoin issuer posted on its website that Canadian customers will no longer be able to initiate new trades as of June 2. They will still be able to withdraw funds but may face additional steps in the process and longer waiting periods. (The Logic)

Talking point: Paxos’s departure comes on the heels of other crypto platforms leaving the Canadian market. San Francisco-based firm dYdX and Seychelles-based OKX announced they were winding down after the Canadian Securities Administrators (CSA), an umbrella organization for provincial securities regulators, gave offshore crypto platforms a 30-day window to submit an agreement to follow certain rules while pursuing full registration. Part of the CSA’s regulatory crackdown includes stricter rules for listing stablecoins, which received pushback from prominent crypto companies, and resulted in some platforms delisting the hybrid algorithmic stablecoin Dai. Partly to meet the CSA’s criteria, particularly around risk management, Toronto-based Stablecorp announced today that it has relaunched and updated its Canadian dollar denominated stablecoin QCAD.