A Canadian securities regulator has barred the country\u2019s first two registered digital currency exchanges from trading Tether (USDT). The stablecoin, which is seemingly printed at will and has been deeply linked to alleged market manipulation, is the only prohibited digital asset in the country to date. The Ontario Securities Commission has a history of being tough against digital currency operators. After giving exchanges an April deadline to license their operations, it has been cracking the whip on those that didn\u2019t, from\u00a0Poloniex\u00a0to KuCoin,\u00a0OKEx, and\u00a0Bybit.\u00a0 Now, it has set its sights on the world\u2019s biggest stablecoin, USDT. The commission has barred Coinberry and Wealthsimple exchanges from offering Tether trading services. The two are the first exchanges in Canada to receive an operating license allowing them to offer digital currency trading services across all the provinces in Canada.\u00a0 Coinberry\u00a0received\u00a0its approval from the Canadian Securities Administrators (CSA) a week ago, allowing it \u201cto offer Canadians crypto-based products and services on a regulated platform.\u201d It boasts of being the first pure-play exchange to receive the license in Canada. Wealthsimple received the approval first, but unlike its peer, it doesn\u2019t allow its users to withdraw their digital assets, much like Robinhood Crypto. Despite receiving the regulatory approvals to serve Canadians, the two exchanges will not be able to offer USDT. The stablecoin was the only one\u00a0listed\u00a0under \u201cProhibited Crypto Assets,\u201d with the regulator offering no reasoning for its decision.\u00a0 Banning Tether was justified, and here\u2019s why The ban on trading of USDT has been a long time coming, and the Ontario regulator has taken a step that many other bigger watchdogs should have years ago.\u00a0 Tether\u2019s controversies and issues are unending. From market manipulation to shady and unchecked printing of tokens to links with illegal outfits, the stablecoin has it all, and then some.\u00a0 While it could have listed any of these reasons, the Ontario watchdog chose to shy away, with a representative\u00a0telling\u00a0one news outlet, \u201cWe do not currently plan to introduce new rules specifically applicable to platforms, as platforms are already subject to existing requirements under securities legislation in Canada.\u201d One Canadian lawyer was much blunter, however, citing the endless legal battles by Tether and its sister company Bitfinex as a key factor for the ban in Ontario.\u00a0 Christine Duhaime stated, \u201cWith respect to Tether and Bitfinex, the report by the New York AG likely did not provide comfort to the securities regulators and in the eyes of a government regulator, is likely going to be viewed as high-risk.\u201d The lawyer, who specializes in fintech, was referring to an action by Letitia James, the New York Attorney General on Tether and Bitfinex for allegedly suffering an $850 million loss and covering it up. AG James\u00a0settled with the two\u00a0earlier this year, requiring them to cease all activities in New York and to pay close to $20 million in fines. Duhaime added, \u201cUntil some digital currency companies tie themselves to a jurisdiction with transparency and where digital currency holders have rights they can exercise if things go awry, I suspect that they won\u2019t be permitted to operate in mature regulatory jurisdictions.\u201d At this point, it\u2019s incomprehensible that Tether has yet to be made to account for its actions. Granted, the U.S Justice Department is\u00a0reportedly\u00a0investigating Tether executives for alleged bank fraud \u2013 which Tether audaciously\u00a0dismissed\u00a0as \u201crepackaging stale claims as news to generate clicks.\u201d However, even with the ongoing investigations, Tether is still trading on every other exchange and clocks the highest trading volume, more than the four largest digital currencies combined. The company has also taken back to its unchecked minting of new USDT tokens after a brief hiatus. In August, it printed well over 4 billion USDT.\u00a0 As CoinGeek\u00a0reported, it\u2019s not just the printing that\u2019s a concern with Tether, there\u2019s also the \u2018small\u2019 issue of where the new USDT goes. Insiders have revealed that an overwhelming majority of newly minted tokens goes to Alameda Research and Cumberland, two market making companies with questionable profiles, business partnerships and leadership. Follow\u00a0CoinGeek\u2019s Crypto Crime Cartel\u00a0series, which delves into the stream of groups\u2014from\u00a0BitMEX\u00a0to\u00a0Binance,\u00a0Bitcoin.com,\u00a0Blockstream,\u00a0ShapeShift and Ethereum\u2014who have co-opted the digital asset revolution and turned the industry into a minefield for na\u00efve (and even experienced) players in the market.