Gemini exchange exits the Canadian market due to new regulations: 90 days to withdraw funds for customers.
On September 30, Gemini announced the closure of all customer accounts in Canada by the end of 2024. Users will have a 90-day period to withdraw their funds, with the final closure set for December 31, 2024. This decision was communicated to Canadian clients via email, stating that the accounts will be closed “with limited exceptions.” This move comes following the introduction of new regulations by Canadian authorities for digital asset exchanges.
New regulatory measures
The closure of accounts by Gemini is the result of recent regulations introduced by the Canadian Securities Administrators (CSA). On February 22, 2024, the CSA issued a notice requiring all digital asset trading platforms to sign a pre-registration agreement to continue operating in the country. Among the various restrictions imposed, registered platforms will no longer be able to allow customers to purchase, deposit, or trade stablecoins without prior approval from the CSA.
In addition to Gemini, other exchanges such as OKX, Binance, dYdX, and Bybit have also announced their exit from the Canadian market. These companies have also cited the new Canadian regulations as the reason behind their decision to withdraw from the country.
