According to ChainCatcher, the cryptocurrency exchange Gemini said in an email to Canadian users on September 30 that it would close all Canadian accounts (with only a few exceptions) by December 31, and users have 90 days to withdraw their assets from the platform. A few months ago, Canadian financial regulators jointly introduced regulatory provisions for cryptocurrency exchanges and trading platforms operating in Canada.
On February 22, the Canadian Securities Administrators (CSA) issued a notice requiring all crypto asset trading platforms to sign a legally binding pre-registration commitment in order to continue operating in the country.
Gemini quickly complied with the new requirements, submitting a pre-registration application on April 13, with a spokesperson stating that Canada is “one of the most important and developed markets in the Americas” and has “played an important role in Gemini’s international expansion.” Other major exchanges, including OKX, dYdX, Paxos, Bybit, and Binance, have also announced their exit from the Canadian market.