Gemini to Close All Canadian Accounts by 2024 Amid Regulatory Changes

Popular crypto exchange Gemini is set to shut down all Canadian accounts by the end of 2024, providing customers a 90-day window to withdraw their assets.

An email notification on September 30 confirmed that accounts will be deactivated on December 31, 2024.

This move comes on the heels of stricter regulations imposed by Canadian financial authorities on crypto exchanges. The Canadian Securities Administrators (CSA) previously required trading platforms to complete a pre-registration process to continue operations in the country.

The deadline for compliance has shifted from April 30 to October 31, and now to December 31, 2024, to ensure investor protection.

While Gemini submitted its registration on April 13 and acknowledged the significance of Canada for its growth, other exchanges, including Binance and OKX, have also chosen to exit the market.

Despite some nations progressing with stablecoin regulations, Canada has yet to establish a comprehensive framework for these assets. The CSA has warned investors about the risks of cryptocurrencies and expanded its educational resources on the subject.