Crypto exchange Gemini has announced plans to cease operations in Canada by the end of 2024, as per a Sept. 30 email sent to its customers.
The email stated:
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. As a result, we will be closing your Gemini account.”
Customers have until the end of the year—90 days from Sept. 30—to withdraw their assets from the crypto platform.
Why is Gemini leaving Canada?
Gemini has not provided detailed reasons for its decision, but its move aligns withother crypto firms that have recently leftCanada.
Crypto regulations
Meanwhile, Gemini’s exit coincides with Canada’s securities regulator extending the compliance deadline for crypto platforms to the end of 2024.
Initially set for October, the new deadline gives exchanges more time to meet regulatory requirements or propose safer alternatives. Failure to comply could result in penalties, including restricting specific products for Canadian users.
