Gemini, the crypto exchange founded by the Winklevoss brothers, will close all customer accounts in Canada by the end of 2024.
In an email sent to Canadian users on September 30, the platform announced all accounts will be closed on December 31, while users have 90 days to withdraw their assets.
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This decision has been taken following the implementation of new rules for crypto exchanges and trading platforms in Canada by the country's financial regulators.
These rules, which were introduced on February 22 by Canadian securities administrators, require crypto asset trading platforms to sign a legally binding pre-registration undertaking in order to continue operating in the country.
One of several limitations imposed on platforms is the restriction on allowing Canadian customers to purchase or store stablecoins without obtaining prior authorization from the CSA.