Thursday, 21 December 2023

Dogecoin, Shiba Inu, And Cardano Get Axed As Crypto Exchange Goes On Delisiting Spree

by Rose White

Dogecoin, Shiba Inu, and Cardano have been listed among the array of cryptocurrencies that are being delisted by crypto exchange Uphold. The news comes at a time when these cryptocurrencies are struggling to maintain their bullish narrative, adding another obstacle to the already tough environment.

Uphold Delists Dogecoin, Shiba Inu, And Cardano In Canada

In an email that was sent to Uphold users in Canada, the crypto exchange revealed that it will be delisting 10 cryptocurrencies from its platform. These assets which are classified as Tier 3 by the exchange are being removed as the crypto exchange strives to remain compliant with cryptocurrency laws in the country.

The email explains that this move was “in line with the Pre-Registration Undertaking that we’ve entered into with the Ontario Securities Commission as part of the process of obtaining appropriate registration in Canada.” Apparently, at the time that the email was sent, the crypto exchange had already moved to remove these assets from its platform.

The 10 Tier 3 cryptocurrencies that the Uphold exchange will delist include Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), XDC Network (XDC), Kaspa (KAS), Hedera (HBAR), Stellar (XLM), VeChain (VET), Injective (INJ), and Casper (CSPR).

Tier 3 tokens are not the only tokens affected by this move as the exchange also said that it would be delisting all Tier 4 tokens in the region. A lot of these Tier 4 tokens are others such as Terra Classic (LUNC) and the Solana-based BONK meme coin.

Dogecoin, Shiba Inu, And Cardano Get Axed As Crypto Exchange Goes On Delisiting Spree

Bitcoin, Ethereum, And XRP Survive Delisting

Not all Tier 3 tokens would end up being delisted by the Uphold crypto exchange and these include the likes of Bitcoin, Ethereum, and interestingly, XRP. This does not come as a surprise given that Bitcoin and Ethereum are the two leading assets in the space, while Uphold has been a staunch supporter of XRP, inking a partnership with parent company Ripple.

For the assets such as Dogecoin, Shiba Inu, and Cardano which are affected, users who hold these tokens have been given a period of 30 days to either withdraw their tokens or convert them into the remaining supported cryptocurrencies on the platform.

Users are no longer able to deposit or purchase the affected cryptocurrencies on the Uphold platform. Failure to withdraw or convert these tokens by January 15, 2024, would result in an automatic conversation of the assets in Canadian Dollars (CAD), the exchange said.