Cryptocurrency exchange Gemini has officially announced the closure of Canadian customer accounts by December 2024. The decision follows the revision of rules for crypto exchanges in Canada.
Gemini's Decision
The American cryptocurrency exchange and custodian bank Gemini has announced that it will no longer serve Canadian customers by December 2024. Users were notified via email on September 30, stating they have 90 days to remove all their assets from the company. All accounts of Canadian users will be closed from January 2025.
Changes in Crypto Asset Regulation
On February 22, 2024, the Canadian Securities Administrators (CSA) clarified the regulation of crypto assets, focusing on crypto trading platforms and their associated risks. The new rules apply to platforms serving Canadian customers even if they are located outside of Canada. Unregistered platforms were instructed to submit a 'pre-registration undertaking' within 30 days.
Other Platforms’ Reaction
Other crypto exchanges have reacted differently to the new regulations. Gemini submitted its pre-registration on April 13, 2024, but the company's next steps are still unpredictable. Kraken and Binance have already submitted their pre-registrations, but Binance decided to leave the Canadian market on May 12. Other exchanges like OKX, dYdX, and Paxos have also ceased operations in Canada.
Gemini has announced the closure of Canadian customer accounts by December 2024 as part of its response to changes in crypto asset regulations in Canada. Other crypto exchanges have reacted differently, with some continuing operations while others have exited the market.
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