Gemini Exchange Announces Withdrawal from Canada

 Gemini Announces Exit from Canada Amid New Regulatory Restrictions

In a significant development for the North American cryptocurrency industry, Gemini has announced its decision to exit the Canadian market, joining a growing list of exchanges making similar moves. This follows in the footsteps of Binance and OKX, as several platforms opt to leave Canada due to recent tightening of cryptocurrency regulations.

Canada's regulators recently approved a set of new rules for cryptocurrency exchanges, which have led several prominent platforms to announce their departure from the country. A recent email sent to Gemini users confirmed that the exchange would no longer serve Canadian customers, making it the latest exchange to follow this trend.

The new government regulations have become a major point of contention in the crypto world. As cryptocurrencies grow in popularity, these regulations are increasingly important. Countries are taking clear positions on how they view crypto and its role in modern finance. While some see these regulations as beneficial for the industry, others, like Gemini, have found the shifting regulatory landscape increasingly challenging.

In February, Canada introduced new rules requiring daily financial data submission to the Canadian Securities Administrators (CSA) and specific approvals to sell stablecoins. Consequently, Gemini announced that it would close all Canadian accounts on December 31, urging users to withdraw their funds and assets before the deadline. Despite the speculation around regulatory constraints, Gemini has not officially confirmed the reasons for its departure. Binance made a similar move in May, citing new guidelines that made the region unfeasible for continued operations. OKX followed soon after.