CandleFocus Gemini to Close Canadian Customer Accounts by End of 2024 Amid Regulatory Changes
2024-10-01
Author: Content Editor
Gemini, a cryptocurrency exchange, is closing its operations for Canadian accounts by the end of 2024 due to regulatory pressures. The Canadian Securities Administrators introduced stringent regulations earlier this year, and while Gemini filed a pre-registration, it was not enough to continue operating in Canada. Other major exchanges, including OKX, dYdX, Paxos, Bybit, and Binance, have also announced their departure from the Canadian market. This mass exodus highlights the impact of Canada's regulatory framework on the crypto industry and may limit investment opportunities in the short term. Users must withdraw their assets and find alternative platforms, while regulators and exchanges need to find a balanced approach that protects investors while fostering innovation and market growth.
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