đšđšGemini to Shut Down Canadian Accounts by Year-Endđšđš
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced it will close all customer accounts in Canada by December 31, 2024. This decision follows a September 30 email alert to its Canadian users, instructing them to withdraw their funds within 90 days.
The closure aligns with new regulatory requirements set by the Canadian Securities Administrators (CSA), which introduced stricter rules for crypto exchanges earlier in the year. These regulations include the necessity for exchanges to sign a pre-registration undertaking to operate, and restrictions on Canadian clients concerning the purchase and deposit of stablecoins without CSA approval.
This move by Gemini comes in response to broader concerns about investor protection, highlighted by recent insolvencies in the crypto market.
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