The cryptocurrency exchange Gemini has announced its departure from the Canadian market, instructing all Canadian users to withdraw their assets before December 31, 2024. In a recent email sent to Canadian customers, the Winklevoss-led exchange informed users they have 90 days, starting from September 30, 2024, to transfer their assets off the platform.
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions,” the company stated. It emphasized that users need to move their crypto to external wallets and, for those holding fiat currency, withdraw funds to their linked bank accounts.
Regulatory Challenges Force Gemini’s Exit from Canada
Gemini’s decision to shut down in Canada follows increasing regulatory pressure from the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO). The CSA introduced tighter compliance standards for crypto exchanges in 2022, requiring trading platforms to enter legally binding pre-registration agreements. One key restriction prohibits platforms from offering or facilitating the purchase of stablecoins, a widely used digital asset class.
Several major crypto exchanges, including Binance, Bybit, OKX, Paxos, and dYdX, have also exited the Canadian market due to the country’s stringent regulatory framework. Binance left last year, citing no viable options to safeguard Canadian users, while Bybit exited in June 2023, attributing its decision to growing regulatory scrutiny.
These developments reflect the challenges faced by global crypto platforms in maintaining operations in regions with evolving and often restrictive regulatory environments.
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