{"id":38734,"date":"2024-10-01T09:05:51","date_gmt":"2024-10-01T09:05:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gemini-announces-exit-from-the-canadian-market\/"},"modified":"2024-10-01T09:05:51","modified_gmt":"2024-10-01T09:05:51","slug":"gemini-announces-exit-from-the-canadian-market","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gemini-announces-exit-from-the-canadian-market\/","title":{"rendered":"Gemini announces exit from the Canadian market"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687773961881-8e8b36c0-1f56-4218-8fd2-a8947b9602ad-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Gemini exits Canadian market, citing strict regulations and compliance costs.<\/li>\n<li>Users must withdraw funds by Dec. 31 as all accounts will close by that date.<\/li>\n<li>Canada\u2019s new crypto rules, set for 2026, further restrict decentralized markets.<\/li>\n<\/ul>\n<p>Crypto exchange <a href=\"https:\/\/coinjournal.net\/exchanges\/gemini\/\">Gemini<\/a> has become the latest platform to withdraw from the Canadian market, following in the footsteps of major players like Binance, OKX, dYdX, and Bybit.<\/p>\n<p>Gemini\u2019s departure highlights the challenges that crypto companies face in navigating Canada\u2019s increasingly stringent regulatory landscape.<\/p>\n<p>The exchange\u2019s decision marks a significant shift, as Gemini had previously described Canada as a critical part of its international expansion strategy.<\/p>\n<h2>Why are crypto platforms exiting Canada?<\/h2>\n<p>Gemini\u2019s move follows a broader trend of crypto platforms exiting Canada due to rising compliance costs and complex regulatory hurdles.<\/p>\n<p>Canadian authorities have been tightening their grip on the crypto market since February 2023, when the Canadian Securities Administrators (CSA) required all crypto exchanges operating in the country to sign <a href=\"https:\/\/www.securities-administrators.ca\/news\/canadian-securities-regulators-strengthen-oversight-enhance-expectations-of-crypto-asset-trading-platforms-operating-in-canada\/\">legally binding pre-registration agreements<\/a>. These agreements came on top of existing restrictions, such as the prohibition of margin trading for Canadian users and limitations on offering stablecoins, which many exchanges found challenging to adhere to.<\/p>\n<p>Though Gemini initially complied with the new regulations by submitting a pre-registration undertaking in April 2023, the evolving regulatory climate has proven too burdensome. The exchange\u2019s exit echoes that of <a href=\"https:\/\/coinjournal.net\/news\/binance-announces-exit-from-canada\/\">Binance<\/a> and <a href=\"https:\/\/coinjournal.net\/news\/okb-price-dips-okx-to-cease-operations-in-canada\/\">OKX<\/a>, which similarly cited the high cost and complexity of complying with Canada\u2019s increasingly restrictive rules.<\/p>\n<p>Looking ahead, the regulatory environment for crypto in Canada is set to become even more stringent. In April 2024, the Canadian government introduced the Crypto-Asset Reporting Framework, which will come into effect in 2026.<\/p>\n<p>This framework will require crypto service providers to report detailed transaction data annually, including sensitive client information such as residential addresses and taxpayer identification numbers.<\/p>\n<h2>Gemini Canadian users have 90 days to withdraw funds<\/h2>\n<p>Gemini issued a formal notice to its Canadian users on September 30, urging them to withdraw their assets by December 31, 2024.<\/p>\n<p>The Winklevoss-founded exchange has provided customers with a 90-day window to move both their cryptocurrency holdings and fiat balances before all Canadian accounts are closed.<\/p>\n<p>As Gemini bows out, Canadian users are left with fewer options to access decentralized markets, while global exchanges like Coinbase, Kraken, and Crypto.com continue to operate within the country\u2019s borders.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/gemini-announces-exit-from-the-canadian-market\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Gemini exits Canadian market, citing strict regulations and compliance costs. Users must withdraw funds by Dec. 31 as all accounts will close by that date. Canada\u2019s new crypto rules, set for 2026, further restrict decentralized markets. Crypto exchange Gemini has become [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":38735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38734"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=38734"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/38735"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=38734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=38734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=38734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}