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- 1 Canada is undergoing a regulatory change that significantly affects the crypto market in the country.
- 2 As a result, Uphold, the major crypto exchange, has delisted more than 50 cryptocurrencies.
- 3 Users share their anticipation of similar changes expected in America soon.
Uphold, a popular digital asset platform, has removed Shiba Inu (SHIB) from its trading platform with other Tier 3 assets. This removal has caused concerns among Canadian holders.
Delisting of SHIB, Doge, and Other Tier 3 Digital Assets
Since January 15, 2024, Uphold has delisted Shiba Inu in Canada. Other assets that are being delisted with effect from January 15 include XDC, KAS, DOGE, CSPR, HBAR, XLM, ADA, SHIB, INJ, and VET.
The delisting decision was taken as a result of an agreement with the Ontario Securities Commission. It’s a regulatory requirement to meet the registration requirement.
The remaining assets in the users’ wallets have been converted to CAD at mid-market prices at the time of liquidation.
SHIB is now Listed on Earnbit
As an ironic twist, on the same day when it gets delisted from Utoday, Shiba Inu bags a new exchange listing on Earnbit.
This new listing will allow SHIB to be accepted for payments at several locations that are supported by Earnbit. Users are also allowed to buy, sell, or swap SHIB on the platform.
The delisting and listing events have negatively impacted the prices of Shiba Inu.
Future of SHIB
Shiba Inu faces changes on the platform and enters a new exchange. These changes highlight the ongoing evolution in the crypto space. It has become crucial for its users to manage these changes and capitalize on emerging opportunities.
The Shib ecosystem remains vibrant and volatile with all these changes. Besides, with the new listing at Earnbit, the Shiba Inu coin is not completely out of Canada.
Holders might feel disheartened for a while, but the market will adapt to the changes soon. New opportunities will keep rising in 2024.
Other Delisting from Uphold
There are numerous Tier 4 digital assets have also been delisted as a result of regulatory changes.
The list includes Aptos, Arweave, Astar, Bonk, PancakeSwap, Celo, Mines of Dalarnia, Decred, Digibyte, MutiversX (Elrond), EOS, Evmos, Energy Web Token, FileCoin, Flow, Fantom, Moonbeam, STEPN, GMX, Gains Network, Helium, HopProtocol, ICON, IOTA, Joe, JITO, JUNO, KAVA, Kadena, Kusama, Lisk, Terra, Terra Classic, Mina, Moonriver, Nano, NEO, Harmony, Orca, Ordinals, Qtum, Raydium, Radiant Capital, Oasis Network, Thorchain, Ravencoin, SEI, Serum, Stacks, SUI, SXP, Bittensor, Theta Fuel, THETA, Celestia, VeChain, Chia, NEM, Zilliqa, XDC.
With these delisting announcements, there was a sudden reaction from crypto users on the X platform. The comments were funny and ironic. It also showed frustration from users, especially Canadian users. Now, they have to look for other exchanges to invest in the digital securities of their interests.
One user also commented that it would have been easier to list the available ones as the removal list is so exhaustive.
Are similar changes expected in America?
One of the X users commented on the similar regulations expected in America. The user said that Canada acts as a trial stage before implementing any rules directly in America.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
