Gemini Is the Latest Exchange to Leave Canada, Following Binance and OKX - Decrypt
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Gemini Is the Latest Exchange to Leave Canada, Following Binance and OKX
The unexplained exit comes after Canada tightened up regulations on crypto exchanges around investor limits and stablecoins over a year ago Crypto exchange Gemini has joined Binance and OKX by leaving the Canadian market.
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Summary
- 🚀 **Gemini Exits Canada**: Gemini has announced its departure from the Canadian market, following Binance and OKX, effective December 31, 2023.
- đź“ś **New Regulations**: The exit comes after Canada implemented stricter regulations on crypto exchanges, including daily financial reporting and explicit permissions for stablecoin offerings.
- đź”’ **Compliance Challenges**: The Canadian Securities Administrators (CSA) introduced these rules to enhance customer protection, especially after high-profile insolvencies in 2022.
- ⚖️ **Market Impact**: Despite the exits of major exchanges, Canadians still have access to platforms like Kraken, Coinbase, and Bitget.
- ⏳ **Extended Compliance Deadline**: The CSA has pushed back the compliance deadline for crypto exchanges to the end of 2024, allowing firms more time to meet the new requirements.
Top Highlights
- Gemini Is the Latest Exchange to Leave Canada, Following Binance and OKX The unexplained exit comes after Canada tightened up regulations on crypto exchanges around investor limits and stablecoins over a year ago
- Crypto exchange Gemini has joined Binance and OKX by leaving the Canadian market. The news comes after the Canadian regulator announced a basket of new restrictions on crypto exchanges back in February 2023, enforcing far stricter standards when it comes to custody of funds and providing leverage. Under the new rules, crypto exchanges will also n...
- The exchange did not provide a reason for leaving the Canadian market, though the move does put them in good company alongside some of the world’s largest exchanges. Binance announced a similar move in May 2023, citing “new guidance related to stablecoins and investor limits provided to crypto exchanges” which it said made the Canadian market “no ...
- Crypto exchange OKX announced in March 2023 that it was leaving Canada, telling users to withdraw their cash and crypto by June 2023. Stablecoin firm Paxos also left Canada in response to the ban, as did crypto exchange Bybit in May 2023.
- Though Gemini may be leaving the country of its own accord, many other crypto firms haven't been so lucky in the past. Canada has previously shown its willingness to kick out firms that don’t meet its compliance requirements. KuCoin and Poloniex were both banned in Canada in 2022 as a result of failing to meet the requirements of Canadian securiti...
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