Gemini to shut Canadian accounts by year-end
The decision mirrors actions taken by other major cryptocurrency exchanges, such as Binance and OKX, which have already ceased their operations in Canada, citing the challenging regulatory environment.
Crypto exchange Gemini has announced it will close all Canadian customer accounts by the end of 2024. Users were emailed that they have until 31 December to withdraw their assets, after which their accounts will be shut. This move comes in response to Canada’s stricter regulations on cryptocurrency platforms.
The new rules, introduced by the Canadian Securities Administrators earlier this year, require exchanges to sign a pre-registration undertaking to operate. These measures are designed to enhance investor protection following high-profile insolvencies in the crypto sector.
Gemini initially complied with the regulations but has now decided to exit the Canadian market. Other major exchanges, including Binance and OKX, have already ceased operations in the country, citing the regulatory environment as the primary reason for their departure.
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