The Gemini cryptocurrency exchange, founded by Tyler and Cameron Winklevoss, has revealed plans to discontinue services for Canadian customers, with all accounts expected to be closed by December 31, 2024.
On September 30, Gemini informed its Canadian user base through email about the upcoming shutdown. Customers were notified that they have a 90-day period to withdraw their assets before their accounts are permanently closed.
This decision follows Canada's increasingly strict regulations governing crypto exchanges.
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In February, the Canadian Securities Administrators (CSA) required all crypto platforms to sign a pre-registration undertaking (PRU) if they wanted to continue offering services in Canada, which brought a range of new restrictions. The CSA justified these measures by referencing the collapse of several crypto trading platforms, such as FTX, Voyager Digital, and Genesis Global.
Gemini had initially adhered to the new framework, submitting its PRU in April last year. At that time, a representative for the crypto exchange highlighted that Canada has "played an essential role in Gemini's international expansion." However, despite this early compliance, the company has now opted to withdraw from the Canadian market.
Other prominent crypto platforms like Kraken and Binance also filed PRUs in response to the CSA's announcement. However, Binance decided to exit the Canadian market in May 2023. Exchanges such as OKX, Bybit, and dYdX, as well as stablecoin issuer Paxos, have similarly pulled out, driven by the challenging regulatory environment.
With Gemini's impending departure, Canadian users are left with increasingly limited options for cryptocurrency trading as the market continues to contract.
