US crypto exchange Gemini has announced it had filed a pre-registration undertaking with Ontario Securities Commission (OSC) as the exchange seeks to cement its presence in Canada.
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With the registration, Gemini wants to become a restricted crypto provider in Canada after the local authorities made several changes regarding the crypto market. Gemini didn't elaborate on when exactly it plans to receive an approval from the local authorities.
Besides Canada, Gemini already holds various license to operate as a crypto provider, including a New York trust license, state money transmitter licenses, an E-Money License from the Financial Conduct Authority in the UK, and an E-Money License from the Central Bank of Ireland.
The latest move comes after the Canadian Securities Administrator obliged all crypto businesses which want to operate in Canada to go through an enhanced pre-registration process.
This pre-registration should include a detailed description of how clients' funds are stored and segregated. The businesses also have to confirm they do not offer margin, credit, or other forms of leverage to any Canadian client.
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