Gemini to exit Canadian market by end of 2024 amid regulatory shifts Gemini to exit Canadian market by end of 2024 amid regulatory shifts
Canada's securities regulator recently extended the compliance period for crypto platforms to the end of the year.
2 min read
Updated: Oct. 1, 2024 at 12:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Gemini has announced plans to cease operations in Canada by the end of 2024, according to a Sept. 30 email sent to its customers.
The email stated:
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. As a result, we will be closing your Gemini account.”
Customers have until the end of the yearโ90 days from Sept. 30โto withdraw their assets from the crypto platform.
Why is Gemini leaving Canada?
Gemini has not provided detailed reasons for its decision, but its move aligns withย other crypto firms that have recently leftย Canada.
Over the past year, prominent firms such as Binance and Paxos have also exited the Canadian market, citing regulatory challenges. These departures followed the Canadian government’s introduction of stricter regulations for crypto exchanges.
In February, the Canadian Securities Administrators (CSA) issued a directive requiring all platforms to sign a pre-registration undertaking (PRU) to continue operations. The CSA emphasized that these measures aim to protect investors, referencing the 2022 insolvencies of Voyager, Celsius, and FTX. The regulations include limits on how exchanges engage with clients, such as prohibiting Canadian users from trading stablecoins without approval from the CSA.
Gemini initially complied with the regulations, signing the PRU and completing its filing. At the time, the exchange viewed Canada as a key market for international expansion. So, its sudden decision to leave has surprised industry observers.
Gemini has not responded to CryptoSlate’s request for comment as of press time.
Crypto regulations
Meanwhile, Gemini’s exit coincides with Canada’s securities regulator extending the compliance deadline for crypto platforms to the end of 2024.
Initially set for October, the new deadline gives exchanges more time to meet regulatory requirements or propose safer alternatives. Failure to comply could result in penalties, including restricting specific products for Canadian users.
According to the regulator’s website, only a few platformsโsuch as Kraken and Coinbaseโcontinue to operate under these stricter regulations.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
