Gemini will close all customer accounts in Canada by December 31, and users must withdraw their funds within 90 days

ChainCatcher news, cryptocurrency exchange Gemini stated in an email sent to Canadian users on September 30 that it will close all accounts in Canada by December 31 (with a few exceptions), and users have 90 days to withdraw their assets from the platform. A few months ago, Canadian financial regulators jointly introduced regulatory requirements for cryptocurrency exchanges and trading platforms operating within Canada.

On February 22, the Canadian Securities Administrators (CSA) issued a notice requiring all crypto asset trading platforms to sign a legally binding pre-registration commitment in order to continue operating in the country.

Gemini quickly complied with the new requirements and submitted its pre-registration application on April 13. A spokesperson stated that Canada is "one of the most important and developed markets in the Americas" and has "played a significant role in Gemini's international expansion." Other major exchanges, including OKX, dYdX, Paxos, Bybit, and Binance, have also announced their exit from the Canadian market.