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NewsCryptoMarket

Crypto Exchange Gemini to Close All Canadian Customer Accounts by End of 2024

The Bitcoin Geek
Last updated: October 1, 2024 3:51 am
The Bitcoin Geek
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Crypto Exchange Gemini to Close All Canadian Customer Accounts by End of 2024
Crypto Exchange Gemini to Close All Canadian Customer Accounts by End of 2024
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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.

Contents
90 Days to Withdraw FundsRegulatory Pressure Forces Gemini’s HandNext Steps for Gemini Users in Canada

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.

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Gemini notified Canadian customers of the impending closure via email. Source: Gemini 

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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TAGGED:account closurebest cryptocurrencyCanadacrypto bettercrypto currencyend of 2024Gemini crypto exchangenews on cryptotop cryptocurrency
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