Crypto.com, one of the world’s leading exchanges by trading volume, will delist the U.S. dollar-linked Tether steblecoin, USDT, from its trading platform for users in Canada.

The company made this decision in accordance with instructions from the Ontario Securities Commission (OSC) as part of our pre-registration for a restricted dealer license.

USDT is delisted from Crypto_com

All USDT trading pairs, transactions, deposits and withdrawals will be delisted by 1 p.m. ET on January 31. All remaining USDT user deposits on the exchange after that time will be converted to USDC issued by Circle.

Crypto.com’s actions come as regulators around the world are increasing scrutiny of centralized exchanges following the collapse of FTX, as well as increased competition among leading stablecoin exchanges.

The Canadian Securities Administration (CSA), the country’s top securities regulator made up of regulators from 10 provinces and three territories, said last month that it would increase oversight of crypto exchanges by “expanding existing requirements” for trading platforms operating in the country. The CSA said it “continues to monitor and assess the presence and role of stablcoins in Canadian capital markets,” according to the press release.