Crypto exchange Gemini is closing all customer accounts in Canada by end of year

The crypto exchange Gemini is preparing to close customer accounts in Canada by the end of the year.

The news came via an email to Canadian users which says accounts will be closed on December 31, with customers having 90 days to remove their assets from the platform.

The email circulating on social media says: “Hi there. Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions.

“As a result we will be closing your Gemini account.

“We are reaching out to let you know that you will have 90 days starting on September 30, 2024 to remove your assets from Gemini’s platform. Please withdraw your assets by December 31, 2024, as Gemini will close your account after that date.”

Anyone Canada using @Gemini pic.twitter.com/0DbnPfWZGu

— 33B (@PhlipYearB) October 1, 2024

Later in the email, the company has written out actions that need to be taken before the end of the year. This includes withdrawing “any crypto assets to an external wallet address” and “any fiat to your linked bank account.”

Gemini to close Canadian accounts, a year after new requirements brought in

While the crypto exchange hasn’t yet shared its reasons for this move, it comes over a year after new rules were introduced in Canada.

It was from February 22, 2023, when the Canadian Securities Administrators (CSA) introduced a notice to all crypto asset trading platforms to sign a pre-registration undertaking (PRU) before continuing.

The registration document contains numerous items that the crypto asset trading platforms must adhere to, with the CSA writing in the notice that these relate to enhancing “commitments in relation to the custody and segregation of crypto assets held on behalf of Canadian clients.”

As well as “in relation to the filing by the” crypto asset trading platform” of financial information with the CSA on a regular basis,” amongst several new necessities.

Gemini adopted the new requirements and filed their pre-registration on time.

Readwrite has contacted Gemini for comment regarding the closure of Canadian-based accounts but didn’t receive a response by time of publication.

Featured Image: Via Ideogram

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