Gemini to Close Operations in Canada – What You Need to Do Now!

Gemini, the well-known crypto exchange, has decided to exit the Canadian market in a surprising turn of events. The exchange sent an email to its user base in Canada to inform them about this closure decision. The exchange in its email informed the users that they have 90 days to withdraw their funds before the exchange closes the operations. 

Gemini crypto exchange had been expanding internationally and such a news sent shockwaves to the community and the crypto space. Gemini users are posting the email screenshots on social media as they are confused why the crypto exchange took a closing decision.

Why Gemini Taking an Exit?

Following the crash of multiple important crypto institutions in 2022, Canada decided to develop regulations around this space to qualify crypto assets at law. The Canadian Securities Administrators published a Staff Notice  21-332 for crypto asset trading platform. In order to protect the Canadian investors CSA required the crypto platforms to perform a Pre-Registration Undertaking. 

Following this Staff Notice, many leading crypto exchanges like Binance, dYdX and OKX decided to leave the market while Gemini decided to stay. In April 2023, Gemini filed their pre-registration in the hopes to meet the new requirements.
As the year went on, it looked like the challenges were too much and hence they finally decided to leave the market as well.

The Email From Gemini

The users of Gemini received an email from the crypto exchange about its closure on September 30. The exchange has requested the users to withdraw their crypto as well as fiat funds before December 31. The email also says that following this date, the exchange will close Canadian users accounts. The users have 90 days from September 30 to take action.
Coinpedia reached out to Gemini for a comment on their decision to leave Canada, unfortunately we did not receive any reply at the time of publication. Any information received will be shared via further updates. 

Looking Ahead

It looks like it is finally a goodbye from Gemini exchange to the Canadian market. Users remain confused about why Gemini reversed its earlier decision to comply with the new Canadian regulations, especially after completing the pre-registration process. Now it is only in the hands of time to tell us if Gemini and other big exchanges will ever return to serve the Canadian crypto community.