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Gemini has announced that it will close all customer accounts in Canada by the end of the year.
In an email to Canadian customers, the crypto exchange said accounts will be closed by 31 December and that users have 90 days to withdraw assets from the platform.
“Effective December 31, 2024, Gemini will close all customer accounts in Canada with limited exceptions. As a result, we will be closing your Gemini account,” Gemini said in the email.
On 22 February 2024, the Canadian Securities Administrators (CSA) began requiring all crypto platforms to sign a pre-registration undertaking to operate in Canada.
Gemini filed its pre-registration on 13 April. A spokesperson from the exchange said at the time that Canada was “one of the most important and developed markets in the Americas” and had played an “essential role in Gemini’s international expansion."
Binance, OKX, dYdX, Paxos, and Bybit have all exited Canada.
Earlier this year. Gemini began distributing $2.18 billion in digital assets to 232,000 Gemini Earn users following Genesis's bankruptcy.
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The figure represents a 242% return on assets locked up since January 2023. Those who loaned 1 Bitcoin (BTC) to Genesis will receive 1 BTC back, benefiting from BTC's recent price surge.
Gemini customers will receive 97% of the repayment immediately and the remainder within one year, the company said.
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"We are thrilled to have been able to achieve this recovery for our customers," Gemini co-founder Cameron Winklevoss said in a statement. "We recognize the hardship caused by this lengthy process and appreciate our customers' continued support and patience throughout."
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