Canadian users will lose access to Gemini’s services by 2024. On September 30th, the company emailed its Canadian users to suggest they withdraw their assets within 90 days. This decision results from Canada’s strict new laws concerning regulating cryptocurrency exchanges.
New guidelines from the Canadian Securities Administrators (CSA) in February 2023 require crypto exchanges to complete a pre-registration declaration (PRU) to keep operating within Canada.
Exchanges must also gain CSA permission to provide stablecoins to Canadian customers. Due to the tough regulations, several key crypto exchanges have departed the market.
Gemini agreed to the rules and registered its pre-registration in April 2023. Despite its commitment to Canadian operations, the firm has elected to depart entirely from the market. By the end of December 31st, 2024, most Gemini accounts in Canada will be shut down.
Gemini and Other Crypto Platforms Exit Canada
Gemini’s exit reflects a rise i
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