Gemini to Exit the Canadian Market, Closing All Accounts by the End of 2024
The Winklevoss-founded cryptocurrency exchange Gemini has announced plans to close all Canadian customer accounts by the end of 2024. In a Sept. In an email to users, Gemini informed its Canadian customers that they have until December 31, 2024, to withdraw their assets, after which their accounts will be closed.
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions,” the exchange stated in the email, urging users to take action within the next 90 days.
Canada’s Changing Crypto Regulatory Landscape
Gemini’s decision to leave the Canadian market follows the introduction of stricter regulations for crypto exchanges and trading platforms by Canadian financial regulators. Earlier this year, on Feb. 22, the Canadian Securities Administrators (CSA) issued a directive requiring crypto asset trading platforms to sign a pre-registration undertaking to continue operating in the country.
In response to this regulatory change, major global exchanges had varying reactions. While Gemini initially sought to comply with the new regulations, submitting its pre-registration filing on April 13, the exchange has since decided to withdraw from the market. When it filed, Gemini referred to Canada as “one of the most significant and advanced markets in the Americas” and essential to its international growth strategy.
Other Major Exchanges Departing Canada
Gemini’s exit is part of a broader trend of crypto exchanges pulling out of the Canadian market due to the tightening regulatory framework. Several high-profile exchanges, including OKX, Bybit, dYdX, Paxos, and Binance, have also announced their departures from Canada over the past year.
Gemini has not yet provided further details or comments regarding its decision to leave Canada, but the move adds to the list of exchanges that have found the Canadian market’s new regulatory demands increasingly challenging to navigate.
What’s Next for Canadian Gemini Users?
Canadian customers have until the end of 2024 to withdraw their assets and close their accounts. Gemini’s sudden exit leaves users with limited options, particularly as more exchanges scale back or cease operations in the country. The next few months will be critical for Canadian crypto traders as they adapt to the shifting landscape in response to tighter oversight.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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