Gemini to Close Canadian Accounts by Year-End Amid Regulatory Challenges
- Mjor crypto xchng Gemini is closing its Cndin oprtions by th nd of 2024, citing rgultory chllngs.
- Cndin usrs hv 90-dy window strting Sptmbr 30 to withdrw ssts.
- Th Cndin Scuritis Administrtors nw ruls for crypto xchngs, introducd in Fbrury 2024, hv promptd svrl pltforms to lv th mrkt.
Crypto xchng Gemini hs nnouncd th closur of ll customr ccounts in Cnd by th nd of this yr, significnt mov tht will impct its Cndin usr bs. Th dcision coms in th wk of hightnd rgultory scrutiny nd nw ruls govrning cryptocurrncy trding pltforms in th country.
In n mil snt to Cndin usrs, Gemini confirmd tht customrs will hv until Dcmbr 31, 2024, to withdrw thir ssts. Th Winklvoss-ownd pltform hs givn usrs 90-dy window strting from Sptmbr 30 to rmov ll thir funds.
Gemini will clos ll customr ccounts in Cnd with limitd xcptions, th notifiction sttd. Th mssg furthr clrifid, W r rching out to lt you know tht you will hv 90 dys strting on Sptmbr 30, 2024, to rmov your ssts from Geminis pltform.
Th xchng instructd Cndin customrs to trnsfr thir cryptocurrncy holdings to xtrnl wllts. For thos holding fit currncis, Gemini rcommndd thy withdrw th funds to thir linkd bnk ccounts bfor th ddlin.
Geminis Exit Reflects Regulatory Challenges
Geminis xit from Cnd follows rcnt rgultory chngs imposd by th Cndin Scuritis Administrtors (CSA) in Fbrury 2024. Ths rgultions rquird ll crypto trding pltforms oprting within Cnd to rgistr with th CSA through pr-rgistrtion undrtking (PRU).
Th PRU imposd svrl rstrictions, including notbl bn on Cndin usrs buying or dpositing stblcoins without prior CSA pprovl. Additionlly, th CSA citd rcnt high-profil insolvncis in th crypto spc, such s Voygr Digitl, Clsius Ntwork, nd FTX, s justifiction for introducing strictr invstor protction msurs.
Th CSAs nw rgultory frmwork pprs to hv significnt impct on th Cndin crypto mrkt. Whil Gemini initilly mbrcd th nw rgultory lndscp, filing thir pr-rgistrtion in April. A spoksprson hd prviously ludd Cnd s on of th most importnt nd dvlopd mrkts in th Amrics, highlighting its rol in th xchngs intrntionl xpnsion plns.
Othr mjor xchngs, Krkn nd Binnc, initilly followd suit nd fild pr-rgistrtions but ultimtly divrgd in thir pprochs. Binnc nnouncd its withdrwl from th Cndin mrkt in My, citing rgultory uncrtinty. Svrl othr pltforms, including OKX, dYdX, Pxos, nd Bybit, lso optd to lv Cnd following th introduction of th nw ruls.
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Read more: https://www.tronweekly.com/gemini-to-close-canadian-accounts-by-year-end/
Text source: TronWeekly
