In what is an important development for the crypto sector in the North American country, Gemini has announced that it is exiting Canada, becoming the latest in a growing list. Indeed, the exchange follows both Binance and OKX as platforms opting to exit the market amid recent crypto restrictions.
Canadian regulators have recently approved a host of new restrictions that are to be placed on cryptocurrency exchanges. That has been the catalyst for so many notable exchanges to announce they will no longer serve Canadian customers. A recent email sent to Gemini users informed them that they will be among that growing list.
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Gemini becomes Latest to Exit Canada Amid Tighter Restrictions
Government regulation has become one of crypto’s great necessities and most fervent conflicts. With the asset class growing in prevalence, those standards are immensely important. As they develop, nations are setting forth their stance regarding cryptocurrencies and their place in modern finance.
For some, this has been beneficial to the industry. For others, it has clearly seen a position of opposition as its preferred stance. That is looking to be the case for one market, as Gemini has become the third notable cryptocurrency exchange to announce it’s exiting Canada.
Source: Bloomberg
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The country approved new rules in February that would see those platforms require daily financial data to be sent to the Canadian Securities Administration (CSA). Moreover, those platforms would require specified permission for the sale of stablecoins.
As a result, Gemini announced it will no longer serve Canadian customers as of December 31st. In an email, they noted that the date will see all Canadian accounts closed on the platform. They urged all users to withdraw their funds and crypto before that deadline date.
Although we speculate their exit is due to regulatory restrictions, the platform has yet to confirm the reason for the decision. Binance announced it was leaving the market in May of last year. They noted that “new guidance” made the region “no longer tenable,” for its continued operations there. OKX followed suit closely after.