Leading crypto exchange Gemini has decided to shut down all customer accounts in Canada by December 31, 2024.
The exchange has rolled out emails to Canadian users on Sept. 30 email informing that it would close all accounts in Canada by year end and told users they had 90 days to withdraw assets from the platform. Gemini asked users to shift their assets to an external wallet address.
The email read, “Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. As a result, we will be closing your Gemini account.”
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It is imperative to note that Gemini’s decision to shut down its operations in Canada comes months after the Canadian Securities Administrators (CSA) phased in regulations for crypto exchanges and trading platforms operating in the working.
On 22 Feb 2023, the regulators introduced a notice requiring all crypto trading businesses to sign a legally binding pre-registration undertaking to continue operating in the country. This triggered many top exchanges including Binance, Bybit, OKX, dYdX, Paxos, already announcing their departures from the Canadian market months later.
Gemini, however, recognizing Canada played a key role in its international expansion went on to follow the new requirements, filing its pre-registration on April 13 2023, before finally deciding to exit the country this year.
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Also Read: Canada Sets Deadline for Crypto Platforms to Join CIRO
