Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Gemini to Cease Canadian Operations by Year-End

Gemini to Cease Canadian Operations by Year-End

Coinspeaker2024/10/01 00:48
By:Chimamanda U. Martha

Coinspeaker
Gemini to Cease Canadian Operations by Year-End

Gemini, a leading cryptocurrency exchange founded by the Winklevoss twins, has announced plans to exit the Canadian market by the end of this year following in the footsteps of Binance, which left the Canadian market earlier this year due to increased regulatory challenges.

In an email sent to customers on Monday, September 30, Gemini urged its Canadian users to take immediate action to close their accounts and withdraw any remaining funds. The exchange has given users 90 days, ending on December 31, 2024, to complete the process, including transferring assets like fiat currencies and crypto to external wallets.

Regulatory Pressures Prompting Exit

According to the company, after the December 31 deadline, all remaining accounts will be restricted, and users may face challenges accessing their balances.

However, the company has reassured customers that the withdrawal process will be straightforward, with customer support available to assist throughout the transition.

Gemini’s departure from Canada is part of a broader trend of crypto firms scaling back or leaving the market entirely due to increasing regulatory scrutiny. Recent updates to Canada’s securities regulations have made it more complex and costly to operate in the country.

Other major exchanges, including Binance, Bybit, and Bitstamp, have already made similar exits, driven by the evolving regulatory landscape.

In February this year, the Canadian Securities Administrators (CSA) introduced new regulations requiring crypto exchanges and service providers to sign a legally binding pre-registration undertaking to continue operating in Canada. This registration, which grants investment dealer status, ensures that companies comply with local laws.

Additionally, the rules mandate that platforms receive CSA authorization before allowing Canadian users to buy or deposit stablecoins.

What Lies Ahead for Gemini?

While Gemini has not indicated whether it plans to return to the Canadian market, the company remains focused on maintaining regulatory compliance in its remaining markets.

Outside Canada, Gemini is actively expanding its global footprint, with particular emphasis on Europe and Asia.

In Europe, the exchange has made significant strides, establishing a presence in countries like Denmark, Sweden, Portugal, Czechia, Latvia, and Liechtenstein.

Earlier this year, the company gained approval from France’s financial regulator, the Autorité des marchés financiers (AMF), to operate as a virtual assets service provider (VASP) in the French market.

As for the Asia-Pacific region, the exchange has ambitious plans. In June, the exchange announced its plans to open an engineering hub in Gurgaon, India. The engineering center is expected to be the company’s largest after the US.

In addition to India, the exchange also plans to bolster its workforce in Singapore with up to 100 new hires. Gemini said the country will serve as the company’s APAC headquarter and has already appointed its Global Chief Technical Officer Pravjit Tiwana as Asia-Pacific chief executive.next

Gemini to Cease Canadian Operations by Year-End

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!