As a seasoned crypto investor with roots deep in the digital asset landscape, I find myself pondering the recent announcement by Gemini to withdraw from Canada by year-end. With over a decade of experience in this dynamic world, I’ve seen exchanges come and go, but the abruptness of this decision is striking.
Notably, the well-known U.S. cryptocurrency platform, Gemini, has unveiled an important decision that’s causing a stir among Canadian crypto enthusiasts. Within the next 3 months (90 days), users are required to initiate a withdrawal from the exchange as a result of this action.
According to an email, Gemini plans to close all customer accounts in Canada by December 31, 2024, with a few exceptions. This move might leave users who relied on Gemini for cryptocurrency transactions uncertain about the future of digital asset trading in Canada and the potential impacts of this abrupt change.
Regulatory Pressures Prompt Exit
After the Canadian Securities Administration (CSA) enacted new regulations, Gemini decided to halt its operations. To continue providing services to consumers, the CSA required all Canadian cryptocurrency trading platforms to submit a pre-registration commitment by February 22, 2024.
By December 31, 2024, regulations needed to be fully met, which had been extended up to April 30, 2024 several times. Instead of navigating the complex regulatory hurdles that would follow, Gemini chose to exit the market on April 13, 2023.
Other major trading platforms like Binance and OKX have also decided to exit the Canadian market, indicating a growing concern among foreign entities regarding the evolving regulatory landscape in Canada.
Previously, Gemini, established by the Winklevoss twins, considered Canada an essential market for their global growth, according to one of their representatives. Yet, several exchange platforms are now reconsidering their engagement within the country due to tighter regulations.
Concerns And Impact On Users
The news has sparked worry amongst Canadian Gemini clients, as there’s a growing urgency for them to promptly retrieve the sizeable amounts they’ve saved in their accounts. According to an email from Gemini, it is advisable for users to transfer their funds to an external wallet prior to the specified deadline.
Gemini to shut down Canadian operations by year-end amid new regulatory requirements
Gemini, a digital currency trading platform, has declared that it plans to shut down all accounts held by customers in Canada by the end of 2024, as reported by Cointelegraph. In an email sent on September 30, the company informed its Canadian users that they have approximately 90 days remaining before this change takes effect.
— CoinNess Global (@CoinnessGL) September 30, 2024
Individuals with a history of encountering difficulties during withdrawal processes naturally feel apprehensive about such situations. Some consumers have voiced concerns over their accounts being frozen and extended periods of unattended customer service.
People who don’t have immediate access to their funds or are inexperienced at withdrawing assets from exchanges might find the withdrawal process particularly challenging. On social media, one disgruntled user vented their frustration by saying, “I want to transfer my funds out of Gemini and close my account.
Gemini Shutdown: Where Crypto Will Go From Here In Canada
The closure of Gemini is causing worry about the long-term prospects for cryptocurrency trading within Canada. While some trading platforms are complying with regulations and carrying on, others are choosing to exit the market entirely. This pattern might lead to a more limited selection of trading platforms available to Canadian traders and investors in the future.
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2024-10-01 22:12