Gemini, the well-known cryptocurrency exchange, has made the decision to cease operations in Canada. The company announced that all Canadian user accounts will be closed by the end of 2022. This move by Gemini follows the implementation of stricter regulations targeting cryptocurrency exchanges by Canadian authorities in February of this year.
Since the introduction of these regulations, other major exchanges such as OKX, Binance, and Bybit have also announced their withdrawal from the Canadian market. Gemini's decision to close its Canadian operations aligns with this trend of exchanges scaling back their presence in the country due to the evolving regulatory landscape.
Until December 31, 2022 (local time), Gemini will continue to support withdrawals for Canadian users. The exchange encourages users to initiate the withdrawal process promptly to ensure they have ample time to transfer their funds before the deadline.