- Gemini has announced it will close all Canadian accounts by the end of 2024
- Canadian customers have been given 90 days to withdraw their assets, starting September 30, 2024
- This decision follows tightening regulatory requirements for cryptocurrency exchanges in Canada
Gemini has informed its users that all customer accounts in Canada will be shut down by December 31, 2024, in response to new Canadian regulations. The exchange, founded by the Winklevoss twins, has provided customers with a 90-day window to withdraw their assets before their accounts are closed. The decision comes after months of attempts to comply with increasingly strict regulatory demands, but Gemini has ultimately decided to exit the Canadian market.
90 Days to Remove Assets
Gemini alerted customers to the development through an email in which the company announced that all accounts would be closed by the end of 2024, with only limited exceptions:
We are reaching out to let you know that you will have 90 days starting on September 30, 2024 to remove your assets from Gemini’s platform. Please withdraw your assets by December 31, 2024, as Gemini will close your account after that date.
Customers have been encouraged to move their assets to external wallets or linked bank accounts. The decision follows similar exits by other major exchanges like Binance and ByBit, which have also cited regulatory difficulties as their reason for leaving Canada.
Another One Bites the Dust
Gemini’s decision reflects broader regulatory challenges in Canada; in February 2023, the Canadian Securities Administrators (CSA) introduced new requirements for crypto exchanges to sign legally binding pre-registration undertakings. This aimed to enhance transparency and investor protection but also created compliance hurdles for many firms.
Gemini initially sought to meet these regulations by filing its pre-registration in April 2023. However, despite these efforts, the operational challenges proved too significant, leading to the exchange’s withdrawal from the Canadian market.
The move has left Canadian crypto users with fewer options as multiple exchanges cease operations. While the regulatory changes aim to protect investors, they have also created a challenging environment for cryptocurrency exchanges to continue their business profitably.
