Gemini to exit Canadian market by end of 2024 amid regulatory shifts
Gemini will cease operations in Canada by December 31, 2024, closing all customer accounts with limited exceptions. Customers have until the end of 2024 to withdraw their assets. The decision aligns with other crypto firms like Binance and Paxos that have exited Canada due to regulatory challenges. Stricter regulations were introduced by the Canadian government, requiring crypto exchanges to sign a pre-registration undertaking (PRU) to operate. These measures aim to protect investors following the insolvencies of Voyager, Celsius, and FTX. Gemini initially complied with regulations but has surprised observers with its sudden exit. The Canadian securities regulator has extended the compliance deadline for crypto platforms to the end of 2024, allowing more time for exchanges to meet requirements. Only a few platforms, including Kraken and Coinbase, continue to operate under these regulations.
