Gemini Will Close All Customer Accounts in Canada

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Gemini has recently announced that it will be closing all customer accounts in Canada by the end of the year.

In an email sent to Canadian users, the cryptocurrency exchange stated that all accounts will be shut down by December and customers will have 90 days to withdraw their assets from the platform.

According to the email, with few exceptions, all Canadian customer accounts will be closed by December 31, 2024.

The Canadian Securities Administrators (CSA) implemented a requirement on February 22, 2024, that all crypto platforms must sign a pre-registration undertaking in order to continue operating in Canada. Gemini submitted its pre-registration on April 13.

A company spokesperson commented that Canada is a crucial and highly established market in the Americas, and has played a significant role in the exchange’s international growth. Other industry players, such as Binance, OKX, dYdX, Paxos, and Bybit, have also made the decision to exit the Canadian market.