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Gemini has told its Canadian users they have 90 days to withdraw their funds before it closes all accounts by the end of this year.
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Winklevoss-founded crypto exchange Gemini is set to close all customer accounts in Canada by the end of 2024.
In a Sept. 30 email sent out to Canadian users of the exchange, Gemini said it would close all accounts in Canada by Dec. 31 and told users they had 90 days to withdraw 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,” wrote the exchange in its email.
Gemini notified Canadian customers of the impending closure via email. Source: Gemini
Gemini’s sudden move comes months after financial regulators in the country together introduced regulations for crypto exchanges and trading platforms operating on Canadian soil.
On Feb. 22, the Canadian Securities Administrators (CSA) published a notice requiring all crypto asset trading platforms to sign a legally binding pre-registration undertaking to continue operating in the country.
Major international crypto exchanges reacted differently to the new regulatory regime.
Gemini rushed to adhere to the new requirements, filing its pre-registration on April 13 with a spokesperson saying that Canada was “one of the most important and developed markets in the Americas” and had played an “essential role in Gemini’s international expansion.“
Cointelegraph contacted Gemini for comment concerning the closure of Canadian accounts but did not receive a response by the time of publication.
Other top exchanges, including OKX, dYdX, Paxos, Bybit, and Binance, announced their departures from the Canadian market.
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This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
