Gemini to Shut Down its Operations in Canada
Gemini, a popular crypto exchange, has announced its decision to withdraw from the Canadian market.
This news came as a shock to the community and the crypto industry as the exchange had been actively expanding internationally.
In an email sent to its users in Canada, Gemini informed them of the closure and gave them 90 days to withdraw their funds before operations cease.
Screenshots of the email have been circulating on social media, with users expressing confusion and disbelief over the sudden decision.
The move comes after Canada’s efforts to regulate the crypto space in the wake of several major crypto institutions crashing in 2022.
The Canadian Securities Administrators issued a Staff Notice 21-332 outlining regulations for crypto trading platforms and requiring them to undergo a Pre-Registration Undertaking to protect Canadian investors.
