In a significant regulatory compliance move, Uphold, a prominent cryptocurrency exchange, has announced the delisting of 10 major cryptocurrencies for its Canadian users. This decision impacts widely held tokens like Cardano ($ADA)**, **Dogecoin ($DOGE), and Shiba Inu ($SHIB)**, alongside others such as **XDC Network ($XDC) and Hedera ($HBAR).
Why Is Uphold Delisting These Cryptocurrencies?
Uphold’s delisting aligns with Canada’s evolving cryptocurrency regulations. The exchange classified the affected tokens as Tier 3 assets, which are being removed as part of an agreement with the Ontario Securities Commission (OSC). This step facilitates Uphold’s registration process in Canada, ensuring compliance with local laws.
Key Details of the Delisting:
- 30-day notice period: Users must withdraw or convert affected tokens by January 15, 2024.
- Automatic conversion: After the deadline, remaining assets will be converted to Canadian Dollars (CAD).
- Unaffected tokens: XRP, Bitcoin (BTC), and Ethereum (ETH) remain listed.
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Uphold’s Pro-XRP Stance
Notably, XRP was excluded from the delisting wave, reinforcing Uphold’s long-standing support for the token. The exchange has consistently backed XRP, even during its legal battles with the U.S. SEC. Earlier this year, Uphold emphasized that it never delisted XRP and plans to keep it available until Ripple’s lawsuit concludes.
XRP’s Regulatory Context:
- The SEC sued Ripple Labs in 2020, alleging XRP was an unregistered security.
- Uphold committed to retaining XRP unless a court definitively rules it as a security.
FAQs: Uphold’s Canada Delisting
1. Which cryptocurrencies are being delisted?
- Cardano ($ADA), Dogecoin ($DOGE), Shiba Inu ($SHIB), XDC Network ($XDC), Hedera ($HBAR), and others.
2. What should affected users do?
- Withdraw or convert tokens by January 15, 2024, to avoid automatic CAD conversion.
3. Why is XRP not delisted?
- Uphold supports XRP pending the outcome of Ripple’s SEC lawsuit.
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Conclusion
Uphold’s delisting reflects broader regulatory shifts in Canada’s crypto landscape. While popular memecoins and altcoins face removal, XRP’s retention highlights Uphold’s strategic alignment with tokens it deems compliant. Users should act promptly to manage affected holdings.
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