- Gemini is exiting the Canadian market, citing strict regulations and rising compliance costs.
- Users must withdraw funds by December 31, as all accounts will be closed by that date.
- Canada’s new crypto rules, set to take effect in 2026, will impose further limits on decentralized markets.
Cryptocurrency exchange Gemini has become the latest platform to withdraw from the Canadian market, joining major players such as Binance, OKX, dYdX and Bybit in scaling back operations there.
Gemini’s departure underscores the difficulties crypto firms face when navigating Canada’s increasingly stringent regulatory environment.
The exchange’s decision marks a notable reversal: Canada had previously been described by Gemini as an important part of its international growth strategy.
Why are crypto platforms leaving Canada?
Gemini’s exit is part of a broader trend of crypto platforms leaving Canada due to rising compliance costs and complex regulatory hurdles.
Canadian regulators tightened oversight of the crypto market beginning in February 2023, when provincial securities regulators (the Canadian Securities Administrators, CSA) required that all trading platforms operating in the country sign legally binding pre-registration agreements.
Those agreements were layered on top of existing restrictions, including a ban on margin trading for Canadian users and limits on offering certain stablecoin products—requirements many exchanges found difficult to satisfy.
Although Gemini initially complied by submitting a pre-registration undertaking in April 2023, the evolving regulatory landscape ultimately proved too burdensome.
The exchange’s withdrawal echoes announcements from Binance and OKX, which also cited rising costs and the complexity of complying with Canada’s stricter rules.
Looking ahead, Canada’s crypto regulatory framework is poised to become even more demanding. In April 2024, the federal government introduced the Crypto-Asset Reporting Framework, scheduled to take effect in 2026.
Under this framework, crypto service providers will be required to annually report detailed transactional information, including sensitive customer data such as residential addresses and taxpayer identification numbers.
Gemini’s Canadian users have 90 days to withdraw funds
On September 30, Gemini issued a formal notice to Canadian customers, urging them to withdraw their assets no later than December 31, 2024.
The Winklevoss-founded exchange is giving customers a 90-day window to transfer both cryptocurrency holdings and fiat balances before all Canadian accounts are closed.
As Gemini scales back, Canadian users will face fewer options for accessing broader crypto markets, while global exchanges like Coinbase, Kraken and Crypto.com continue to operate within the country’s borders.