According to Gemini, Canadian users have 90 days to withdraw their funds before the closure of all accounts by the end of the year.
Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, intends to terminate all client accounts in Canada by the conclusion of 2024.
Gemini informed Canadian users Of the Shutdown
Gemini informed Canadian users of the exchange in an email dated September 30 that all accounts in Canada would be closed by December 31. The email also informed users that they had 90 days to extricate their assets from the platform.
“Gemini will close all customer accounts in Canada with limited exceptions on December 31, 2024.” Consequently, we will be terminating your Gemini account,” the exchange stated in its email.
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Gemini’s abrupt action occurred months after financial regulators in Canada jointly implemented regulations for crypto exchanges and trading platforms that operate on Canadian soil.
The Canadian Securities Administrators (CSA) issued a notice on February 22 that mandated the execution of a legally binding pre-registration undertaking by all crypto asset trading platforms to continue operating within the country.
The new regulatory regime elicited varying responses from major international crypto exchanges.
Gemini expedited its compliance with the new regulations by submitting its pre-registration on April 13. A spokesperson stated that Canada was “one of the most significant and developed markets in the Americas” and had been “critical to Gemini’s international expansion.”
By publication, Cointelegraph had not received a response from Gemini regarding the closure of Canadian accounts.
Other prominent exchanges, such as OKX, dYdX, Paxos, Bybit, and Binance, have withdrawn from the Canadian market.
