Winklevoss-founded cryptocurrency exchange Gemini is planning to shut down all customer accounts in Canada by the conclusion of 2024.
In a communication dated September 30, the exchange informed its Canadian users that all accounts would be deactivated by December 31, urging them to withdraw their assets within the next 90 days. “Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. Consequently, we will be terminating your Gemini account,” the email stated.
Gemini reached out to its Canadian clientele about the forthcoming account closures through email. Source: Gemini
This abrupt decision from Gemini comes just months after Canadian financial regulators implemented new regulations for cryptocurrency exchanges and trading platforms operating within the country. On February 22, the Canadian Securities Administrators (CSA) issued a notice mandating that all crypto asset trading platforms sign a legally binding pre-registration undertaking to maintain their operations in Canada.
Responses from major international cryptocurrency exchanges varied regarding the new regulatory framework. Gemini quickly complied with the new mandates, submitting its pre-registration on April 13. A spokesperson emphasized that Canada was “one of the most important and developed markets in the Americas” and had played a crucial role in Gemini’s global expansion.
Cointelegraph reached out to Gemini for insights regarding the closure of Canadian accounts but had not received a response by the time of this publication.
Other prominent exchanges, such as OKX, dYdX, Paxos, Bybit, and Binance, have also announced their exit from the Canadian market.
Crypto City Guide to Seattle:
Site of CZ’s downfall and pot crypto vendors
This is an evolving story, and additional updates will be provided as more information becomes available.