tl;dr
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has informed its Canadian users that it will cease operations in the country by December 31, 2024. Users have been given 90 days to withdraw their assets following an email sent on September 30. This decision comes in response to r...
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced its decision to cease operations in Canada by December 31, 2024, following regulatory changes introduced by the Canadian Securities Administrators (CSA). This decision comes as a response to the new rules requiring crypto trading platforms to sign a pre-registration undertaking (PRU) and imposing restrictions on stablecoins to enhance investor protection.
Users have been notified via email on September 30 and given 90 days to withdraw their assets. Several other major exchanges, including OKX, Paxos, Bybit, and Binance, have also exited the Canadian market due to these regulatory changes.
The CSA's new regulations were implemented following high-profile insolvencies in the crypto sector, with a deadline initially set for registered crypto trading platforms (CTPs) to comply by April 30, 2024, which was later extended to October 31, 2024, and further postponed to December 31, 2024.
Gemini initially responded positively to the new requirements, filing its pre-registration in April. However, the company has now decided to close all customer accounts in Canada by the year-end. Other exchanges, such as Kraken and Binance, also submitted their pre-registrations following the CSA's mandate, but some, like Binance, later reversed their decision and announced their departure from the country in May. OKX, Paxos, Bybit, and dYdX have also left the Canadian market after the regulator enacted the new requirements.
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