American crypto exchange and custodian bank Gemini, founded by Cameron and Tyler Winklevoss, has revealed plans to stop serving clients in Canada by the end of Q4 2024.
The move comes a few months after Canadian regulators released new laws requiring all crypto trading platforms to sign a pre-registration undertaking (PRU) to continue functioning within its borders and servicing its citizens.
Gemini Says Goodbye to Canada
On Monday, Gemini emailed all users with Canadian know-your-customer (KYC) details, informing them that it will shut down all of its crypto operations in Canada on December 31, 2024.
The mail noted that only a few accounts will be exempted.
“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 has given customers a 90-day period, which runs from October 1 to December 30, 2024, for users to transfer their crypto assets out of the exchange, as the shutdown will occur a day after the given time.
According to the mail, Canadian customers of the Winklevoss’ exchange should also withdraw any of their deposited fiat currencies to their linked traditional bank accounts, while those with no linked account should add an account and perform the same action within the stipulated time.
Crypto Exchanges Exit Canada En Masse
The Canadian financial market has not been very favorable for many crypto firms, especially following the PRU law that the Canadian Securities Administrators (CSA) introduced earlier this year.
Since then, many major crypto exchanges, including Binance, OKX, KuCoin, Bybit, and others, have seized operations in Canada.
Amid Canada’s instability with crypto exchanges, investment management firm 3iQ has filed to launch the first Solana exchange-traded product (ETP) in Canada. The product will allow investors to gain exposure to Solana’s native asset, SOL, without going through the technicality of acquiring the cryptocurrency directly.
