Bitrabo Editorial
Gemini, a well-known American cryptocurrency exchange, has announced a major decision affecting Canadian users. They will have just 90 days to withdraw their funds due to this development.
Gemini will close all customer accounts in Canada, with few exceptions, starting December 31, 2024, as communicated in an email. This sudden change is likely to raise concerns among users who rely on Gemini for their digital asset transactions regarding the future of crypto trading in Canada.
Regulatory Changes Leading to Withdrawal
Gemini has decided to cease operations after the Canadian Securities Administrators (CSA) enacted new regulations. As part of their efforts, the CSA requires all Canadian cryptocurrency exchanges to submit a pre-registration undertaking by February 22, 2024.
The compliance deadlines, extended several times until April 30, 2024, have pushed Gemini to exit the market despite having filed their pre-registration on April 13, 2023. The company opted out rather than navigate the complex regulatory landscape.
Other large exchanges, including Binance and OKX, have also left the Canadian market due to similar regulatory pressures. This trend indicates that foreign platforms are increasingly wary of adapting to Canada’s evolving regulatory framework.
Founded by the Winklevoss twins, Gemini initially regarded Canada as a strategic market for expansion. However, with the tightening regulations, many exchanges are reconsidering their presence in the country.
Impact on Users and Concerns
The recent announcement has generated anxiety among Gemini’s Canadian customers, particularly regarding quick access to their substantial deposits. According to the email sent by Gemini, users must transfer their funds to external wallets before the deadline.
Gemini to shut down Canadian operations by year-end amid new regulatory requirements
Crypto exchange Gemini announced it will close all customer accounts in Canada by Dec. 31, 2024, according to Cointelegraph. In a Sept. 30 email, Gemini told its Canadian users they had 90 days…
— CoinNess Global (@CoinnessGL) September 30, 2024
Customers who have faced difficulties with withdrawals in the past are particularly anxious about this situation, especially given reports of account lockouts and delays in customer service responses.
Those unfamiliar with withdrawing assets or without immediate access to their funds may feel additional pressure during this period. One frustrated user shared their intent to “withdraw my funds and close my account” on social media.
Gemini Shutdown: Future of Crypto Trading in Canada
Gemini’s exit raises questions about the trajectory of cryptocurrency trading in Canada. Some exchanges are complying with regulations and continuing their operations, whereas others are fully departing the market. This may lead to fewer options for Canadian traders and investors in the future.
Featured image from Pexels, chart from TradingView