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Uphold Takes Action: Delists Shiba Inu, Dogecoin, And Cardano Amid Canadian Regulations

  • Uphold announced the delisting of several cryptocurrencies in Canada, including prominent tokens like Cardano, Dogecoin, and Shiba Inu, to comply with regulatory mandates.
  • Despite the delisting wave, Uphold continues to support XRP, reinforcing its commitment to the token amid ongoing legal developments related to its regulatory classification.

Uphold’s Compliance Efforts and Ongoing Support for XRP

Cryptocurrency exchange Uphold recently unveiled plans to delist numerous cryptocurrencies, a significant move affecting its users in Canada. The delisting decision involves ten cryptocurrencies, including well-known tokens like Cardano ($ADA), Dogecoin ($DOGE), and Shiba Inu ($SHIB), among others.

Uphold cited compliance with Canada’s cryptocurrency regulations as the driving force behind this action, aligning it with the Ontario Securities Commission’s requirement to eliminate Tier 3 tokens during the registration process.

Delisting of Major Cryptocurrencies in Canada

The announcement detailed the imminent removal of cryptocurrencies, including XDC Network ($XDC), Stellar ($XLM), Injective ($INJ), Hedera ($HBAR), Terra Classic ($LUNA), and the Solana-based meme coin $BONK, besides the aforementioned prominent tokens. Uphold users in Canada holding these affected cryptocurrencies have a 30-day window to withdraw or convert them into other supported assets on the platform.

Uphold’s Ongoing Support for XRP

Interestingly, the delisting wave did not extend to XRP, the native token of the XRP Ledger, reinforcing Uphold’s enduring backing for it. Uphold notably remains committed to XRP, having recently conducted a sizable token airdrop for eligible users. The platform’s proactive stance on XRP has been consistent, especially in light of the token’s delisting from various exchanges following the U.S. Securities and Exchange Commission’s lawsuit against Ripple Labs in 2020.

Uphold reiterated its stance on XRP through social media, responding to users’ appeals for exchanges to relist XRP. Uphold assured its users that XRP continued to be listed on its platform and reaffirmed its commitment to maintaining XRP’s listing until the SEC lawsuit is resolved, determining the token’s regulatory classification.

The recent delisting announcement underscores Uphold’s determination to comply with evolving regulatory standards while maintaining its allegiance to select cryptocurrencies like XRP.

Disclaimer

The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss and should be approached with caution.

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