Gemini decides to exit the Canadian market, will close all customer accounts by the end of the year.

The cryptocurrency exchange Gemini, founded by the Winklevoss twins, will be closing all accounts of its Canadian customers by the end of 2024.

According to a report from Cointelegraph, Gemini, a cryptocurrency exchange founded by the Winklevoss brothers, will close all customer accounts in Canada by the end of 2024. In an email sent to Canadian users on September 30, Gemini stated that all accounts in Canada will be closed by December 31, giving users 90 days to withdraw their assets from the platform.

At the beginning of 2023, the Canadian Securities Administrators (CSA) required cryptocurrency exchanges to submit Enhanced Pre-Registration Undertakings (PRU) and meet certain requirements in order to continue operating during the review period for their registration applications and related exemptions. However, possibly due to the stringent conditions, several major cryptocurrency companies, including Binance, Bybit, OKX, Deribit, Paxos, and dydx, have all exited the Canadian market within a year.

According to the CSA website, Gemini, ByteX, Crypto.com, Uphold, and Kraken have all submitted Enhanced Pre-Registration Undertakings (PRU) and have passed the review. However, the CSA also stated that this does not mean the platforms will be granted registration.

Gemini, which had submitted its application as early as March, previously stated that "Canada is one of the most important and developed markets in the Americas and has played a significant role in Gemini's international expansion." The reasons for deciding to exit the Canadian market after passing the review process remain unknown.