In a major development for Canadian crypto users, Gemini, the crypto exchange founded by the Winklevoss twins, has announced it will be closing all customer accounts in Canada by the end of 2024. This move follows several regulatory changes that have affected crypto exchanges in the country, making compliance increasingly difficult.
90 Days to Withdraw Funds
In a recent communication, Gemini informed its Canadian users that they have until December 31, 2024, to withdraw their crypto and fiat assets from the platform. The message indicated that all Canadian accounts would be closed, with limited exceptions, and users must take action to safeguard their funds.
Regulatory Pressure Forces Gemini’s Hand
Gemini’s decision comes in response to tightened regulations in the Canadian crypto market. Earlier this year, the Canadian Securities Administrators (CSA) introduced new requirements for crypto exchanges, forcing platforms to sign a legally binding pre-registration undertaking to continue operating. While some exchanges quickly exited the Canadian market, including OKX, dYdX, Paxos, Bybit, and Binance, Gemini initially sought to comply, filing its pre-registration on April 13, 2024.
Despite this effort, Gemini has now decided to withdraw from Canada, citing challenges with the regulatory environment. Other major crypto exchanges have similarly struggled to adapt to the evolving landscape, which has created uncertainty for businesses and users alike.
Next Steps for Gemini Users in Canada
Canadian users are being advised to withdraw their assets within the 90-day period starting on September 30, 2024. Here are the actions users should take before the account closure deadline:
- Withdraw cryptocurrency assets: Move your crypto holdings to an external wallet.
- Withdraw fiat funds: Transfer your fiat currency to a linked bank account.
Gemini has provided detailed instructions on how to link bank accounts for smooth withdrawals. Customers are encouraged to reach out to Gemini’s support team if they have questions or encounter issues.
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