Gemini has decided to discontinue its services for Canadian clients and plans to shut down their accounts. Canadian users have been informed that they need to withdraw their assets within 90 days, as all accounts will be closed by the end of the year.
On September 30, Gemini sent an email notifying Canadian users that account closures will occur on December 31, giving them a 90-day window to withdraw their funds.
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. As a result, we will be closing your Gemini account,” the exchange wrote in its email.
The shutdown of Gemini follows the introduction of new regulations for crypto exchanges and platforms by Canadian financial authorities.
On February 22, the Canadian Securities Administrators (CSA) announced that all crypto trading platforms must sign a binding pre-registration undertaking (PRU) to keep operating in Canada.
As part of the regulations, exchanges must secure CSA authorization prior to permitting Canadian clients to purchase or deposit stablecoins.
“In light of recent insolvencies involving a number of CTPs, including Voyager Digital, Celsius Network, the FTX group of companies, BlockFi, and Genesis Global (collectively recent CTP insolvency events), we are introducing important new investor protection provisions into the standard form of PRU,” wrote the CSA.
Major international crypto exchanges have reacted in various ways to the new regulations.
Gemini acted quickly by filing its pre-registration on April 13, with a spokesperson stating that Canada has been “one of the most important and developed markets in the Americas” and has played an “essential role in Gemini’s international expansion.”
In April 2023, Gemini introduced a cryptocurrency derivatives platform geared towards non-US markets. The initial offering is a BTC perpetual contract priced in Gemini dollars (GUSD).
According to Gemini, the Gemini Foundation empowers eligible users to utilize their crypto assets for risk management, return generation, and strategic market positioning through both long and short positions in cryptocurrencies.
