On Sep 30, Gemini, a Winklevoss-founded crypto exchange, sent out an email to all its Canadian users informing them that all the accounts in Canada would be closed by Dec 31, and told the users that they had 90 days to withdraw their assets from the exchange.
The exchange stated that 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.”.
Gemini has not given any specific reason for this sudden action, but this sudden move comes a month after financial regulators in the country introduced regulations for crypto exchanges and trading platforms operating on Canadian soil.
Gemini immediately adhered to the new crypto regulations by filing its pre-registration on April 13, with a spokesperson saying that Canada was “one of the most important and developed markets in the Americas” and had played an “essential role in Gemini’s international expansion.“
Coinbase analysed that this was caused by a surge in onchain activity on Ethereum. There was not a single driver but several contributing factors, like:
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