Oct Logo
Search Icon
Oct Logo
Search Icon
Bitcoin iconETH
$0000
arrow icon0.61%
Gemini to Exit Canada by Year-End

Gemini to Exit Canada by Year-End

Gemini announces its exit from Canada by December 31, 2024, due to regulatory pressures, following other major crypto platforms in leaving the Canadian market.

Image of Chirag Sharma

Chirag Sharma

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has officially announced it will cease all operations in Canada by December 31, 2024. This decision follows the increasing regulatory pressures in the Canadian crypto landscape, which have prompted other major platforms like Binance, OKX, and Bybit to also exit the country.

Regulatory Compliance Challenges

The move is largely driven by regulatory changes enforced by the Canadian Securities Administrators (CSA), which required all crypto exchanges to submit a pre-registration undertaking by February 2024. Despite submitting its pre-registration in April, Gemini has found it challenging to navigate the evolving compliance demands.

User Impact

Canadian customers have been notified via email that they must withdraw all assets from their Gemini accounts within a 90-day window, as accounts will be permanently closed by the end of the year. Gemini’s statement highlights that this closure applies to all users with limited exceptions, though further details were not disclosed.

Broader Industry Impact

Gemini’s departure signals another major blow to the Canadian crypto market, which has seen multiple exchanges pull out due to strict regulations. This could lead to reduced market liquidity and fewer options for Canadian crypto traders. The exit of multiple platforms has raised concerns about the future of cryptocurrency trading in Canada.

Key Takeaways:

  • Gemini exits Canada effective December 31, 2024.
  • Users must withdraw funds within a 90-day period.
  • Canada’s strict regulations are driving crypto platforms out, reducing service availability.

Trusted

Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.

In this article

Regulatory Compliance Challenges

User Impact

Broader Industry Impact

Key Takeaways:

Hero Image
Share with your community!
FacebookXLinkedIn
Hero Image
Share with your community!
FacebookXLinkedIn

Related reads