Cryptocurrency exchange Gemini, founded by the Winklevoss twins, announced that it will shut down all Canadian customer accounts by the end of 2024. The decision comes in response to recent regulatory changes by Canadian authorities, which have imposed stricter requirements on crypto trading platforms. Affected users have 90 days to withdraw their assets from the exchange.
The closure affects all Canadian customers using Gemini. In a statement to its users on September 30, Gemini emphasized that only limited exceptions will be made. The move is a significant step back for Gemini, which had previously described Canada as one of its most important markets in the Americas.
Gemini will officially terminate all Canadian accounts on December 31, 2024. Customers received a 90-day notice starting September 30, during which they must withdraw their crypto and fiat assets to external wallets or linked bank accounts before the final closure date.
This account closure impacts all Gemini users across Canada. The new restrictions have led several international crypto exchanges, including Binance, OKX, and Bybit, to reconsider or halt their Canadian operations.
The decision to exit Canada follows stricter regulatory guidelines from the Canadian Securities Administrators (CSA). On February 22, the CSA introduced a new rule requiring all crypto trading platforms to sign a pre-registration undertaking (PRU) to continue operating in Canada. The new regulations prohibit Canadian users from buying or depositing stablecoins without CSA approval and aim to safeguard investors in light of recent crypto exchange collapses, such as FTX and Celsius.
In compliance with the new rules, Gemini filed its pre-registration undertaking on April 13. Despite its efforts to meet the regulations, Gemini ultimately chose to exit the market. Customers are instructed to transfer their funds to external crypto wallets or linked bank accounts before December 31, 2024. Failure to withdraw could result in a loss of access to their assets.
Gemini’s exit adds to a growing list of major exchanges departing from Canada, indicating that the country’s regulatory environment is becoming increasingly challenging for global crypto firms to navigate.
