The major cryptocurrency exchange is pulling out of that country.

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The decision of Gemini to exit the Canadian market has become the latest link in the changes occurring in the country's cryptocurrency sector. The new regulations introduced by the Canadian Securities Administrators (CSA) in February, particularly restrictions on stablecoin transactions, have led many major exchanges to question their operations in the country. This situation is driving cryptocurrency investors to seek alternative platforms and secure their assets.

Gemini Cryptocurrency Exchange is Leaving Canada: 90 Days Granted

In an email sent to Canadian users on September 30, Gemini announced that all accounts would be closed by December 31, 2024. The exchange has granted its users a 90-day period to withdraw their assets. This decision is seen as a result of increasing regulatory pressure on the cryptocurrency sector in Canada.

In February, the Canadian Securities Administrators (CSA) introduced new rules for cryptocurrency trading platforms. Among these rules, all cryptocurrency exchanges are required to sign a legally binding pre-registration undertaking (PRU). Additionally, exchanges are not allowed to trade stablecoins for Canadian customers without prior approval from the CSA.

These regulations were introduced to protect investors following the bankruptcies of major cryptocurrency companies such as FTX, Celsius Network, and Voyager Digital. The CSA stated, "In light of the recent CTP bankruptcy events, we are introducing significant new investor protection provisions to the standard PRU form."

Initially, Gemini had complied with these new regulations. Indeed, it registered for pre-registration on April 13. At that time, a Gemini spokesperson noted that Canada is "one of the most important and developed markets in the Americas" and plays "a very significant role" in Gemini's international expansion.

However, Gemini's latest decision reflects the long-term impact of regulations on exchanges. Other major exchanges like Kraken and Binance have also faced similar challenges. Although Binance initially indicated its intention to comply, it announced on May 12 that it would be leaving Canada.

Other cryptocurrency exchanges such as OKX, dYdX, Paxos, and Bybit have also exited the Canadian market following the new regulations. These developments provide important insights into how regulatory frameworks are shaping the global cryptocurrency industry.

Gemini's decision to withdraw from Canada could have significant implications for cryptocurrency investors. Canadian users will have to take action to secure their assets and find alternative platforms. This situation may lead to a reshaping of the cryptocurrency market in the country.