Crypto Exchange Gemini to Close All Canadian Accounts
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Loading... - Noah Arthur
- 04 Oct 2024
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Crypto exchange Gemini has announced that it will shut down all Canadian accounts by December 31, 2024, in response to Canada’s stricter regulatory environment for crypto platforms.
The decision comes after the Canadian Securities Administrators (CSA) introduced new rules earlier in the year, which require crypto platforms to sign a pre-registration undertaking (PRU) to continue operating within the country.
One key restriction from these new guidelines is the prohibition of Canadian clients buying or depositing stablecoins without prior approval from the CSA. Stablecoins, which are pegged to real-world assets like the US dollar, have been a popular feature in crypto trading, and these restrictions have made it more difficult for platforms like Gemini to operate in Canada.
Gemini’s email to users on September 30 informed them that all accounts must be closed by the year-end, and users have 90 days to withdraw their funds. This closure follows other crypto platforms that have either exited or adapted their services in response to the new regulations.
While this development is likely to disrupt Canadian crypto users, the 90-day period provides them time to transition their funds and explore alternative platforms before the December deadline.
