Key Takeaways:
- Gemini will close all Canadian customer accounts by December 31, 2024, giving users 90 days to withdraw their funds.
- The closure follows Canada’s introduction of stricter regulatory requirements for crypto exchanges.
- Despite Gemini’s earlier efforts to comply, other major exchanges like Binance and OKX have already exited the Canadian market due to these regulations.
Gemini, a crypto exchange founded by the Winklevoss twins, has announced the closure of all Canadian accounts by December 31, 2024, giving users 90 days to withdraw their assets.
This decision follows recent regulatory changes by the Canadian Securities Administrators (CSA), which introduced stricter rules for crypto exchanges.
🚨BIG BREAKING🚨
— Catch The Latest (@CatchTheLatest) October 1, 2024
🇨🇦 Crypto exchange Gemini to close all customer accounts in Canada.
Gemini has given its Canadian members 90 days to remove their assets before closing all accounts at the end of this year. pic.twitter.com/XJgFX3ZRv3
One key rule requires platforms to sign a pre-registration undertaking (PRU) to continue operating, and restricts the use of stablecoins without CSA approval.
While Gemini initially complied with these regulations by filing its PRU in April, it ultimately decided to cease operations in Canada, joining other exchanges like Binance and OKX that have exited due to regulatory challenges.
BREAKING: Gemini crypto exchange is officially CLOSING in Canada! 🇨🇦‼️
— MASON VERSLUIS (@MasonVersluis) September 30, 2024
Forcing us to close our accounts and withdraw funds!
Absolute trash! 🗑️ pic.twitter.com/RXuRlh6gYa
The CSA’s changes aim to improve investor protection following several crypto platform insolvencies.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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