Gemini, the popular cryptocurrency exchange, has submitted a pre-registration undertaking with regulators to continue operating in Canada. This undertaking is the first step in obtaining a license to act as a crypto exchange in the country.
This announcement is a breath of fresh air for many of its users concerned about the future of the exchange in the country. It is a positive sign that Gemini is taking the regulatory process seriously and is committed to complying with all the rules and regulations governing crypto operations in Canada.
Gemini Makes Moves To Comply With Canadian Securities Regulations
Gemini announced that it had taken the necessary steps to comply with Canadian securities regulations by submitting a pre-registration commitment to the Ontario Securities Commission. The pre-registration will allow Gemini to become a licensed exchange in the country but with a limited scope of operations.
Per new Canadian regulations, crypto firms must register and segregate Canadian customer funds from foreign customers. Additionally, companies must limit certain services to Canadian residents only.
By registering in Canada, Gemini will continue to serve retail users. Gemini currently supports currency pairs involving the Canadian dollar (CAD) and digital assets.
Furthermore, the firm referenced its institutional services, stating it is a sub-custodian to Canadian crypto-related ETFs. It is worth noting that Canada has authorized crypto spot ETFs, which is not the case in the U.S.
Gemini also acknowledged the significance of Canada in its global expansion and pledged its dedication to the country.
Crypto Companies Struggle To Stay In Canada Following Stricter Regulations
Other crypto companies such as Kraken, Coinbase, and Crypto.com are also striving to remain in Canada alongside Gemini. They plan to do so by submitting the same pre-registration commitment.
In March, Binance also modified its operations in Canada by filing a pre-registration commitment. However, there were speculations that Binance might exit Canada because of its past issues with the province of Ontario.
There’s a significant shift happening in the Canadian crypto market as multiple firms plan to exit the country altogether. Leading the way is Paxos, which recently disclosed that it wouldn’t be able to cater to Canadian clients due to regulatory complications.
Other companies like dYdX, OKX, and Blockchain.com are joining the bandwagon and discontinuing their services for Canadian users. These companies will slowly scale back their services for Canadian clients in the coming weeks and months.
The exchange’s commitment to complying with the regulatory requirements shows that it is serious about operating responsibly and transparently. With Gemini set to continue its operation in Canada, users can continue to rely on the exchange for their excellent crypto services and products.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.