Regulation News: Gemini Exits Canadian Market as Crypto Regulations Intensify
Regulation News: Gemini to Exit the Canadian Market
Gemini will shut down operations in Canada by the end of the year, according to a Monday email sent to customers. The exchange urged customers to start withdrawing their assets before December 31, 2024. Gemini adds to the list of exchanges that have fled from the Canadian market amid tough regulatory conditions.
Exodus Due to Regulatory Pressures
The exchange did not explicitly indicate the reason for its move to exit the Canadian market. Nevertheless, customers in Canada have a 90-day notice to withdraw their holdings with Gemini. The decision comes only months after the Canadian Securities Administrators (CSA) instructed all platforms to sign a pre-registration undertaking (PRU) as a condition of continuing to operate in the country. The CSA said the directive was intended to protect investors, citing the insolvencies of crypto firms like Voyager, Celsius, and FTX that spanned 2022.
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