Gemini, the crypto exchange founded by the Winklevoss brothers, plans to close all customer accounts in Canada by the end of 2024. In an email sent to Canadian users on September 30, Gemini stated that accounts will be closed on December 31, 2024, and users will have 90 days to withdraw their assets from the platform.

This sudden decision comes after financial regulators in Canada introduced new regulations for crypto exchanges and trading platforms. On February 22, the Canadian Securities Administrators (CSA) issued a statement requiring all crypto asset trading platforms to sign a legal pre-registration commitment in order to operate in the country.

Gemini moved quickly to comply with the new requirements, pre-registering on April 13. However, other major exchanges OKX, dYdX, Paxos, Bybit and Binance have announced that they are withdrawing from the Canadian market.

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