Gemini has officially announced plans to shut down the Canadian customer accounts by December 2024.
The official decision has been made after the revision of the rules for crypto exchanges in Canada.
The email states that users have 90 days to take out all of their assets from the company, till December 31, 2024.
Gemini, an American cryptocurrency exchange and custodian bank, has officially announced that the company will shut down the Canadian customer accounts by December 2024.
The crypto exchange firm sent an email to the customers from Canada on September 30 stating that the users have 90 days to take out all of their assets from the company. With the onset of the new year, the firm will shut down all the accounts of the users from Canada.
Gemini has decided its ways for the specific country after the revision of the rules for crypto exchanges in Canada.
A Gemini customer has put the matter over Twitter and mentioned the decision of the firm as absolute trash. Also, he stated that the company is urging by force to close the account and withdraw funds.
BREAKING: Gemini crypto exchange is officially CLOSING in Canada! Forcing us to close our accounts and withdraw funds!Absolute trash! pic.twitter.com/RXuRlh6gYa
— MASON VERSLUIS (@MasonVersluis) September 30, 2024
CSA’s Amendments To Regulation Of Crypto Assets
The CSA clarified the regulation of crypto assets on February 22, 2024, more significantly. The regulation has mainly covered the subject of crypto-trading platforms and the risks associated with them.
The notice examines the crypto trading platforms that function similarly to marketplaces and also those platforms that trade security tokens or crypto contracts. It is very important to note that the notice says that Canadian laws will also apply to the platform that serves Canadian clients, even if the platform is operating outside Canada.
The unregistered platforms were also instructed to submit a ‘pre-registration undertaking’ to the main regulator within 30 days.
Other Platforms’s Reaction To The Amendment
Other crypto exchange platforms have also reacted in their own way after this new Canadian amendment.
Gemini has filed its pre-registration on April 13, 2024, but the move of the company is still unpredictable. According to a spokesperson, Canada played a vital role in America’s market, and it has also helped Gemini with its international expansion.
After sending the emails to the users, Gemini has chosen to remain silent on the topic, which has left the users as well as non-users with curiosity of knowing about its move.
Other companies like Kraken and Binance had already filed the pre-registrations soon after being demanded through the notice by CSA. However, Binance re-evaluated its decision and further decided to leave on May 12.
The list of departures from the country continues as some exchanges, such as OKX, dYdX, Paxos, and many others, have withdrawn their operations from Canada.
Gemini’s Overview
As per the data provided by CoinMarketCap, Gemini’s spot trading volume over 24 hours is $68,384,835.52 and the total number of assets is $6,802,038,251.07. Taking a deep dive into the company’s history, it was founded by two brothers, Tyler and Cameron Winklevoss.
Popularly known as Winklevoss, they are identical twins and the founder of Winklevoss Capital Management as well. The launch of Gemini Trust Company was announced way back in 2014, but it took some time to go live, and finally, it happened in October 2015.
Gemini serves both beginners and advanced traders. The accounts of customers are encrypted, and due to this, it became the first company to have ‘SOC 1 Type 2’ as well as ‘SOC 2 Type 2’ certification.
The official website of Gemini states that they have the mentality of “security first” and an ethical value of asking for permission first. Further, it continues by stating that “we have worked hard to give you a high-integrity choice, and we look forward to gaining and maintaining your trust.”