Canadian crypto users, brace yourselves—Gemini will shut down all accounts by the end of the year.
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is pulling out of Canada and closing all customer accounts by the end of 2024. The exchange sent an email to its Canadian users on September 30, informing them they must withdraw their assets within the next 90 days.
By December 31, 2024, all accounts will be permanently closed.
This drastic decision follows recent regulatory shifts in the Canadian crypto landscape. Back in February, the Canadian Securities Administrators (CSA) introduced a new requirement for all crypto trading platforms to sign a pre-registration undertaking in order to continue operations in the country.
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Gemini initially seemed eager to comply, filing its pre-registration in April and emphasizing Canada’s key role in the company’s global growth. However, the tightening regulatory environment has now led to this unexpected exit.
Gemini isn’t the only player leaving the Canadian market.
Other major exchanges like Binance, OKX, dYdX, Paxos, and Bybit have also announced their withdrawal in the wake of these stricter rules.
While Gemini has yet to comment further, the sudden move marks a significant shift for Canadian crypto users, who will now need to look elsewhere for their trading needs.
Also Read: Crypto Firms Scramble To Meet Canada’s Regulations
