**Gemini Exits Canada Amid Tightening Crypto Regulations**

Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has announced its exit from the Canadian market, effective September 30. This move follows increasing regulatory pressures from Canadian authorities, which have led several exchanges to reconsider their operations in the country.

The Canadian Securities Administrators (CSA) recently extended the compliance deadline for crypto trading platforms (CTPs) to December 31, 2024. This extension aims to give CTPs more time to meet new regulations concerning stablecoins, also known as value-referenced crypto assets (VRCA).

Despite Gemini's departure, other exchanges like Coinbase are ramping up their presence in Canada. Coinbase plans to introduce a Canadian dollar-tied stablecoin and has secured a restricted dealer license to operate locally.

The CSA's stringent rules have already prompted exits from major players like Binance, OKX, and Bybit. These regulations focus on transparency, qualified custodian services, and investor protection, making compliance challenging for some exchanges.

As the regulatory landscape evolves, the future of crypto trading in Canada remains uncertain, with only a handful of exchanges currently authorized to operate.