Gemini to Shut Down Services in Canada by End of Year Due to Regulatory Measures

Gemini, one of the leading cryptocurrency exchanges, has announced its decision to shut down its services in Canada by the end of this year. The move comes as a result of the country’s strict regulatory measures surrounding cryptocurrency trading platforms.

In an email sent to its Canadian users on September 30, Gemini informed them that all accounts in Canada would be closed on December 31. Users were given 90 days to withdraw their funds from the platform. The exchange advised users to transfer their cryptocurrency to an external wallet address and withdraw any fiat currency to their registered bank accounts.

The decision by Gemini follows the issuance of guidelines by the Canadian Securities Administrators (CSA) earlier this year, requiring cryptocurrency exchanges to undergo a pre-registration process to continue operating in Canada. Additionally, the Canadian government announced a new Crypto-Asset Reporting Framework, which will come into effect in 2026, further tightening regulations on crypto exchanges.

Gemini is not the only exchange to exit the Canadian market in recent months. Other major platforms such as OKX, dYdX, Paxos, Bybit, and Binance have also announced their departure due to regulatory concerns. Despite these exits, several global exchanges like Crypto.com, Coinbase, and Kraken continue to operate in Canada.

The departure of these exchanges highlights the challenges faced by cryptocurrency platforms in navigating the regulatory landscape in Canada. As the industry continues to evolve, it remains to be seen how these regulatory measures will impact the future of cryptocurrency trading in the country.