Cryptocurrency exchange Gemini to leave Canadian market by December 2024 Cryptocurrency exchange Gemini to leave Canadian market by December 2024
Cryptocurrency exchange Gemini, founded by the Winklevoss brothers, has announced that it will cease operations in Canada by December 31, 2024, according to the source.
This decision comes after other platforms such as OKX, Paxos, Bybit, and Binance exited the Canadian market.
Procedures for Canadian users:
In an email dated September 30, Gemini informed its Canadian users that their accounts would be closed by the end of the year, and gave them 90 days to withdraw their assets.
This decision comes in response to new regulations imposed by the Canadian Securities Commission (CSA) earlier this year.
These rules require cryptocurrency exchanges to sign a pre-authorization pledge (PRU) to continue their operations, and impose restrictions on the use of stablecoins without prior approval.
These tightening measures come after a series of high-profile bankruptcies in the crypto sector, such as Voyager Digital and FTX, and are aimed at enhancing investor protection.
The deadline for compliance with the new rules has been extended until December 31, 2024.
Despite Gemini’s pre-registration in April 2024, the platform later decided to withdraw, as did other major platforms such as Binance and OKX due to new regulatory challenges.