- Announcement and Reasons for Account Closures
- Gemini's Response and Actions
- Trends and Changes in Canadian Crypto Regulation
The crypto exchange Gemini, founded by twin brothers, will close all customer accounts in Canada by the end of 2024. This measure is due to new regulatory requirements.
Announcement and Reasons for Account Closures
Gemini notified its Canadian users via an email notice on September 30, announcing that account closures would take place on December 31, 2024. The exchange has given users a 90-day window to withdraw their assets.
Gemini's Response and Actions
'Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions,' the company wrote in the email. This decision follows regulatory changes that require all crypto trading platforms operating in Canada to sign pre-registration undertakings. Gemini completed this requirement in April this year.
Trends and Changes in Canadian Crypto Regulation
Gemini's exit continues the trend of international exchanges leaving Canada amid increased regulatory oversight. Between March and May 2024, top platforms such as OKX, Bybit, dYdX, Paxos, and Binance exited the market. Canadian regulators have also extended the compliance deadline for new stablecoin regulations to April 2024.
Gemini's decision to exit the Canadian market reflects broader trends in increased regulatory scrutiny of cryptocurrencies worldwide. Users should closely monitor changes and act accordingly.
