Under the new rules, Gemini will close all Canadian accounts by the end of 2024.
Canadian #Gemini users will have 90 days to withdraw their assets before closing their accounts. The Canadian Securities Agency (CSA) introduced stricter rules for #cryptocurrency exchanges in February 2023.
Canadian users will no longer be able to use Gemini's services by 2024; on September 30, the company sent a letter to Canadian users asking them to withdraw their assets within 90 days. This decision was made due to Canada's strict new laws regulating cryptocurrency exchanges.
According to new rules adopted by the Canadian Securities Agency (CSA) in February 2023, cryptocurrency exchanges must complete a pre-registration declaration (PRU) in order to continue operating in Canada.
Exchanges must also receive authorization from the CSA in order to offer stable coins to Canadian customers. Due to the strict regulations, several major cryptocurrency exchanges have left the market.
Gemini agreed to these regulations and pre-registered in April 2023. Despite its commitment to operating in Canada, the company has decided to exit the market entirely: by December 31, 2024, most of Gemini's Canadian accounts will be closed.
Gemini's departure reflects the growing number of decentralized platforms leaving Canada due to compliance issues. Some companies initially submitted pre-registration forms but changed their minds after learning of the new rules; in May 2023, #Binance announced its withdrawal from the Canadian market, having previously stated its intention to comply with the rules.
In addition, dYdX and Bybit services have also ceased operations in Canada. After significant disruptions to cryptocurrency exchanges, the CSA has increased controls to protect the safety of investors. As a result, domestic exchanges have faced a number of restrictions, including limitations on the use of the stub fund.
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