Gemini, founded by the Winklevoss Twins, announced on Wednesday that it had filed the pre-registration undertaking with the Ontario Securities Commission. Required by Canada’s new requirements for cryptocurrency companies, the move signified Gemini’s commitment to remain in the Canadian market and continue providing services to its users. Such news follows the path taken by other large Bitcoin and cryptcurrency companies who are also attempting to comply with the new regulations in order to stay in the Canadian market, such as Kraken, who also made a similar announcement by the end of March. On the other hand, some cryptocurrency firms have chosen to forgo the new requirements and leave the Canadian market entirely, as was the case of the decentralized exchange dYdX.

The filing of the pre-registration undertaking comes at a time of uncertainty within the industry, as Gemini has faced some difficulties since the begining of 2023. In November of last year, the company froze withdrawals from its Earn platform and, by January, it then proceeded to close the service altogether. Following this, Gemini's relations with Genesis and its parent company, the Digital Currency Group, were put under a microscope, leading to a public feud between them and Barry Silbert, the CEO of DCG. As a result of this, the SEC stepped in and sued Gemini and Genesis for offering unregistered securities and in an apparent consequence, the company borrowed $100 million from its owners’ own wealth.

Despite the recent events, Gemini's filing of the pre-registration undertaking signals their commitment to the Canadian market, however, the future of the cryptocurrency company has yet to be determined.



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