Gemini Terminate All Accounts by Year-End of Canada

Gemini to Terminate All Accounts by Year-End Following Stricter Regulations on Crypto Exchanges

Gemini’s decision to exit the Canadian market follows the recent implementation of stricter regulations by the country’s financial authorities concerning cryptocurrency exchanges. This move reflects the evolving regulatory landscape and the challenges faced by crypto platforms operating in Canada.

Gemini to Terminate All Accounts by Year-End

Gemini has announced its plan to close all customer accounts in Canada by December 31, 2024. In an email to its Canadian users, the cryptocurrency exchange stated that customers have a 90-day window to withdraw their assets from the platform before the closure.“

Effective December 31, 2024, Gemini will shut down all customer accounts in Canada, with limited exceptions. As a result, your Gemini account will be closed,” the email read.

Source:blockhead.co

Gemini’s Canadian Operations Affected by Regulatory Changes

On February 22, 2024, the Canadian Securities Administrators (CSA) mandated that all cryptocurrency platforms must sign a pre-registration undertaking to operate within Canada. In response, Gemini submitted its pre-registration application on April 13. At that time, a spokesperson for the exchange highlighted Canada as “one of the most important and developed markets in the Americas,” emphasizing its vital role in Gemini’s international expansion strategy.

Gemini Distributes $2.18 Billion in Digital Assets to Users Amid Genesis Bankruptcy

Earlier this year, Gemini initiated the distribution of $2.18 billion in digital assets to 232,000 users of its Gemini Earn program, following the bankruptcy of Genesis. This move reflects Gemini’s commitment to its users as it navigates the ongoing challenges in the cryptocurrency landscape.

Gemini Users to See Significant Returns Amid Genesis Bankruptcy Fallout

The distribution amount represents a remarkable 242% return on assets locked since January 2023. Customers who lent 1 Bitcoin (BTC) to Genesis will receive their full 1 BTC back, taking advantage of the recent surge in Bitcoin’s price.

Gemini has confirmed that users will receive 97% of their repayments immediately, with the remaining balance distributed within one year.

Gemini Co-Founder Cameron Winklevoss Celebrates Successful Asset Recovery

“We are excited to have successfully recovered assets for our customers,” said Cameron Winklevoss, co-founder of Gemini, in a statement. “We understand the difficulties posed by this lengthy process and sincerely appreciate our customers’ ongoing support and patience during this time.”