Gemini to close all Canadian accounts by December 2024

Crypto exchange Gemini has announced it will shut down all customer accounts in Canada by December 31, 2024.

In an email sent to users on September 30, the exchange, founded by the Winklevoss twins, informed Canadian customers they have 90 days to withdraw their assets before their accounts are closed.

"Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions," the email stated.

Customers have until the end of the year to move their funds from the platform.

This decision comes after new regulations for crypto exchanges were introduced in Canada earlier this year.

On February 22, the Canadian Securities Administrators (CSA) mandated that all crypto asset trading platforms operating in the country sign a legally binding pre-registration undertaking to continue their operations.

Gemini initially complied with the new regulatory framework, filing its pre-registration on April 13.

At the time, a Gemini spokesperson emphasised the importance of the Canadian market, calling it "one of the most important and developed markets in the Americas" and stating that it played a key role in the exchange’s international growth.

Despite this earlier commitment, Gemini now joins other crypto exchanges like OKX, Binance, Bybit, and dYdX in exiting the Canadian market due to regulatory challenges.

While Gemini has not yet provided specific reasons for the closure, the regulatory environment in Canada has led several major exchanges to cease operations.

This action shows how regulatory changes are having an increasingly significant effect on international cryptocurrency exchanges.