The crypto exchange Gemini, founded by the Winklevoss twins, has announced plans to close all customer accounts in Canada by the end of 2024. The decision is linked to new regulatory requirements in the country.
Customer Notification
On September 30, crypto exchange Gemini sent out emails to Canadian users, informing them about the closure of all accounts by December 31, 2024. Clients were advised to withdraw assets from the platform within 90 days. “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,” read the email.
Regulatory Changes in Canada
Gemini’s sudden move comes months after financial regulators in the country introduced new regulations for crypto exchanges and trading platforms. On February 22, the Canadian Securities Administrators (CSA) published a notice requiring all crypto asset trading platforms to sign a legally binding pre-registration undertaking to continue operating in the country. Gemini rushed to comply with the new requirements, filing its pre-registration on April 13. A spokesperson said that Canada was “one of the most important and developed markets in the Americas” and had played an “essential role in Gemini’s international expansion.”
Reaction of Other Crypto Exchanges
Other major crypto exchanges responded differently to the new regulatory regime. OKX, dYdX, Paxos, Bybit, and Binance, among others, announced their exits from the Canadian market.
This is a developing story, and further information will be added as it becomes available.
Comments