Gemini filed a regulatory filing through which it intends to continue operating in Canada, according to a blog post on April 12th.
Gemini intends to continue serving Canadians
Gemini said it had filed a prior registration commitment with the Ontario Securities Commission (OSC) of Canada to register as a restricted trader.
Recent Canadian securities regulations require this registration. Those rules also mean that crypto firms must segregate Canadian customer funds from foreign user funds. Additionally, businesses must withhold certain services from residents of Canada.
Gemini’s decision to register in Canada means it will continue to serve retail users in the country. The Gemini website indicates that their exchange is currently available in Canada with support for trading pairs involving the Canadian dollar (CAD) and other assets.
The company also emphasized its institutional services, writing that it acts as a sub-custodian for Canadian cryptocurrency exchange-traded funds (ETFs). Canada is notable in this regard as it has Approved Crypto Spot ETFs – something the US has yet to do.
Gemini added that Canada “has played an essential role in [its] international expansion” and expressed his commitment to the country.
Crypto companies may or may not remain in Canada
Gemini is not the only cryptocurrency company making an effort to stay in Canada. Competing exchanges including Coinbase, Kraken, and Crypto.com intention to continue operating in Canada submitting the same pre-registration commitment.
Binance also archived a pre-registration commitment at the end of March to adjust its Canadian operations. Previous speculation suggested that Binance could leave the country, possibly due to its previous difficulties with the Canadian province of Ontario in 2022.
Certain companies plan to withdraw from Canada entirely. paxos has announced that it will no longer serve Canadian customers due to regulations. Other companies, including dYdX, OKXand Blockchain.com will also stop serving Canadian users.
Affected businesses will begin reducing services in the coming weeks and months.
The charge Gemini files an application to remain open in Canada first appeared in CryptoSlate.
