Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has officially announced it will cease all operations in Canada by December 31, 2024. This decision follows the increasing regulatory pressures in the Canadian crypto landscape, which have prompted other major platforms like Binance, OKX, and Bybit to also exit the country.
Regulatory Compliance Challenges
The move is largely driven by regulatory changes enforced by the Canadian Securities Administrators (CSA), which required all crypto exchanges to submit a pre-registration undertaking by February 2024. Despite submitting its pre-registration in April, Gemini has found it challenging to navigate the evolving compliance demands.
User Impact
Canadian customers have been notified via email that they must withdraw all assets from their Gemini accounts within a 90-day window, as accounts will be permanently closed by the end of the year. Gemini’s statement highlights that this closure applies to all users with limited exceptions, though further details were not disclosed.
Broader Industry Impact
Gemini’s departure signals another major blow to the Canadian crypto market, which has seen multiple exchanges pull out due to strict regulations. This could lead to reduced market liquidity and fewer options for Canadian crypto traders. The exit of multiple platforms has raised concerns about the future of cryptocurrency trading in Canada.
Key Takeaways:
- Gemini exits Canada effective December 31, 2024.
- Users must withdraw funds within a 90-day period.
- Canada’s strict regulations are driving crypto platforms out, reducing service availability.
