According to a blog post on April 12, Gemini has made a regulatory filing through which it expects to go on doing business in Canada.
In order to register as a restricted dealer, Gemini claimed to have submitted a pre-registration undertaking to Canada’s Ontario Securities Commission (OSC).
This registration is necessary under recent Canadian securities legislation. These regulations also require cryptocurrency companies to separate Canadian customer cash from those from overseas users.
Additionally, businesses must refuse to provide some services to Canadian citizens.Gemini will continue to provide retail user services in Canada as a result of its choice to register there.
According to the Gemini website, the exchange is currently accessible in Canada and supports trading pairs including the Canadian currency (CAD) and other assets.
As a sub-custodian for Canadian cryptocurrency exchange-traded funds (ETFs), the company also highlighted its institutional services in its statement. In this aspect, Canada stands out since it has legalized cryptocurrency spot ETFs, whereas the U.S. has not yet done so.
Gemini went on to say that Canada “has played an essential role in [its] international expansion” and reaffirmed its commitment to the nation. Crypto companies might or might not remain in CanadaThere are other cryptocurrency companies attempting to remain in Canada besides Gemini.
By submitting the same pre-registration undertaking, competing exchanges like Coinbase, Kraken, and Crypto.com hope to continue functioning in Canada.
Binance also submitted a pre-registration commitment to modify its Canadian operations in late March. Previous rumors said that Binance would depart the country in 2022, potentially as a result of its prior issues with the Canadian province of Ontario.
Certain businesses intend to completely leave Canada. Due to laws, Paxos has declared that it would no longer provide services to Canadian consumers.
A number of other businesses, such as dYdX, OKX, and Blockchain.com, will also discontinue catering to Canadian customers. In the upcoming weeks and months, the impacted businesses will start cutting back on services.
