Gemini to Close All Canadian Accounts by End of 2024

By the end of 2024, Gemini, the cryptocurrency exchange that the Winklevoss twins created, plans to terminate all customer accounts in Canada. The exchange recommended users in Canada to take their money out of their accounts within ninety-nine days in a message they delivered on September 30, 2024.

The email sent by Gemini explained the situation clearly, stating, “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.” Users have until the end of the year to transfer their assets before their accounts are permanently closed.

This choice is in line with Gemini’s prior attempts to abide by recently implemented Canadian laws. The Canadian Securities Administrators (CSA) established regulations in February 2023 that mandate crypto exchanges that operate within the nation execute a legally-binding pre-registration undertaking in order to maintain their business operations.

Regulatory Challenges and Industry Response

After expressing a strong commitment to the Canadian market in the past, Gemini has decided to leave the country. A Gemini representative said that Canada was “one of the most important and developed markets in the Americas” and that it had “played an essential role in Gemini’s international expansion” when the exchange filed for pre-registration on April 13, 2023.

Despite initially adhering to the new rules, Gemini eventually made the decision to leave the Canadian market, following in the footsteps of other cryptocurrency exchanges that faced more stringent regulations. A issue facing many of the industry’s key participants is the regulatory environment.