Gemini Exits the Canadian Market
Gemini, a prominent cryptocurrency exchange, has announced its decision to cease operations in Canada by the end of the year. This move highlights the ongoing challenges faced by crypto platforms in the region. Customers are encouraged to start withdrawing their assets before December 31, 2024, as they have a 90-day notice period.
The exchange's exit reflects the tightening of regulations in the Canadian crypto landscape. Recently, the Canadian Securities Administrators (CSA) mandated all trading platforms to sign a pre-registration undertaking (PRU) to continue operating legally in Canada. This directive aims to enhance investor protection following numerous insolvencies of major crypto firms, including Voyager, Celsius, and FTX, throughout 2022.
Gemini’s decision adds to a growing list of exchanges leaving the Canadian market due to stringent regulatory measures. The move raises concerns about the future of cryptocurrency trading in Canada as firms reassess their operations under the new guidelines.
