Gemini management offered traders from Canada to withdraw crypto assets within 90 days. The proposal comes months after the Canadian Securities Administrators (CSA) required cryptocurrency exchanges and trading platforms to enter into a pre-registration agreement (PRU).
Under the new requirements, exchanges are not allowed to offer stablecoin trading to Canadian clients without prior approval from the CSA. Given the bankruptcy cases of crypto lenders Voyager Digital and Celsius, crypto exchange FTX, as well as BlockFi and Genesis Global, these new investor protection provisions are spelled out in the standard PRU form, the financial regulator explained.
The Gemini exchange rushed to comply with the CSA requirements, filing an application for registration on April 13. An exchange spokesman called Canada one of the most mature markets in America, which has played an important role in Gemini’s international expansion. The application was not enough for the exchange to operate in Canada without fear of problems with regulators.
The world’s largest crypto exchange, Binance, also tried to register in Canada, but later the platform management reconsidered its decision and announced its departure from the country on May 12. Other crypto exchanges, OKX, dYdX, Paxos and Bybit, also left the Canadian market after the new rules were introduced.
Source: Bits
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