Stringent Regulations Lead To Gemini Shutting Down Canadian Customer Accounts

Gemini, the crypto exchange founded by the Winklevoss twins, plans to shut down all customer accounts in Canada by the end of 2024. In an email sent to Canadian users on September 30th, Gemini announced that all accounts would be closed by December 31st, urging users to withdraw their assets within 90 days.

New Regulations

Effective December 31st, 2024, Gemini will close all customer accounts in Canada with limited exceptions. This decision comes shortly after Canadian financial regulators implemented new regulations for crypto exchanges and trading platforms operating within the country.

On February 22nd, the Canadian Securities Administrators (CSA) released a notice mandating that all crypto asset trading platforms submit a legally binding pre-registration undertaking to continue their operations. Responses to these new regulations varied among major international crypto exchanges.

A Domino Effect

Gemini quickly complied with the aforementioned regulations, filing its pre-registration on April 13th. A spokesperson highlighted Canada as one of the most important and developed markets in North America, noting its significant role.

Many publications tried to reach out to Gemini for comments regarding the closure of Canadian accounts but did not receive a response. Other leading exchanges, including OKX, dYdX, Paxos, Bybit, and Binance, have also announced that they will be leaving the Canadian market. Stringent regulations are also nothing new, as was the case last year with the G-7 Summit.