Gemini, the crypto exchange founded by the Winklevoss twins, has announced its decision to close all customer accounts in Canada by the end of 2024.
In an email sent to Canadian users on September 30, the exchange notified them that their accounts would be closed by December 31, 2024. Users were given 90 days to withdraw their assets from the platform.
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. As a result, we will be closing your Gemini account,” read the statement.
Gemini notified Canadian customers of the impending closure via email. Source: Gemini
Gemini’s decision follows the introduction of stringent regulations for crypto exchanges by Canadian authorities earlier in the year. On February 22, the Canadian Securities Administrators (CSA) introduced a requirement for all crypto trading platforms to sign a legally binding pre-registration undertaking in order to continue operations in the country.
While Gemini initially responded positively to the new regulatory regime, filing its pre-registration on April 13, the company now appears to be stepping back from the Canadian market.
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Gemini is not the only major player exiting Canada. A number of top international crypto exchanges, including OKX, dYdX, Paxos, Bybit, and Binance, have also announced their departures from the Canadian market, citing regulatory challenges.
At the time of publication, Gemini had not responded to requests for comment on its exit from Canada.
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