Winklevoss-founded cryptocurrency exchange Gemini has announced it will close all Canadian customer accounts by December 31, 2024. In an email sent to users on September 30, Gemini gave its Canadian customers 90 days to withdraw their funds before the accounts are shut down.
Gemini’s Exit from Canada
In the email, Gemini informed users that “effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions,” and urged them to begin withdrawing their assets. This move follows months of tightening regulations in Canada aimed at crypto exchanges and trading platforms.
The decision comes after the Canadian Securities Administrators (CSA) introduced stricter rules for crypto trading platforms earlier this year. On February 22, the CSA issued a notice requiring all crypto platforms to sign a pre-registration undertaking (PRU) to continue operating in Canada. The new rules included various restrictions, such as barring Canadian customers from purchasing or depositing stablecoins without prior CSA approval.
Gemini’s Compliance Efforts
Gemini initially took steps to comply with the new regulations, filing its pre-registration on April 13. A spokesperson at the time emphasized the importance of Canada to Gemini’s international expansion, calling the country “one of the most important and developed markets in the Americas.” Despite these efforts, Gemini is now following the lead of several other major exchanges in exiting the Canadian market.
Regulatory Challenges Push Other Exchanges to Leave
The new Canadian regulations, which were partly influenced by recent insolvencies in the crypto space—including Voyager Digital, Celsius, FTX, BlockFi, and Genesis—aim to enhance investor protections. These rules, however, have caused major crypto platforms to reassess their operations in the country.
While Gemini initially opted to comply with the new requirements, other major exchanges such as OKX, Bybit, dYdX, and Binance chose to exit Canada altogether. Despite filing their own pre-registration, Kraken and Binance also faced challenges under the new regulatory framework, with Binance eventually announcing its withdrawal from the Canadian market.
