Crypto Exchange Gemini Shocks Canadian Users With Sudden Account Closure Announcement

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced it will close all Canadian customer accounts by the end of 2024. In an email sent to users on September 30, Gemini gave Canadians a 90-day deadline to withdraw their assets from the platform, stating that all accounts will be shut down by December 31, 2024.

The move follows months of regulatory changes in Canada. In February, the Canadian Securities Administrators (CSA) introduced new rules requiring all crypto trading platforms to sign a pre-registration undertaking to continue operating in the country.

Gemini initially complied with these new requirements, submitting its pre-registration in April. At the time, a spokesperson praised Canada as a key market for the exchange’s growth. However, despite these efforts, the exchange has decided to exit the Canadian market.

Gemini has not yet responded to requests for comment regarding the closures. Other major exchanges, including Binance, OKX, dYdX, Paxos, and Bybit, have also pulled out of Canada due to the tightening regulations.

Canadian users of Gemini are now left scrambling to withdraw their assets before the deadline, marking the latest blow to the country’s crypto community as it faces increased scrutiny from financial regulators.

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