Gemini has submitted a regulatory filing through which it intends to continue operating in Canada, according to a blog post on April 12.
Gemini intends to continue serving Canadians
Gemini said that it had submitted a pre-registration undertaking to Canada’s Ontario Securities Commission (OSC) in order to register as a restricted dealer.
Recent Canadian securities regulations require this registration. Those rules also mean that crypto firms must segregate Canadian customer funds from foreign user funds. Companies must additionally withhold certain services from residents of Canada.
Gemini’s decision to register in Canada means that it will continue to serve retail users in the country. Gemini’s website indicates that its 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 to Canadian cryptocurrency exchange-traded funds (ETFs). Canada is notable in this regard as it has approved crypto spot ETFs — something the U.S. has not yet done.
Gemini added that Canada “has played an essential role in [its] international expansion” and expressed its commitment to the country.
Crypto firms may or may not stay in Canada
Gemini is not the only crypto company that is making an effort to stay in Canada. Competing exchanges including Coinbase, Kraken, and Crypto.com intend to continue operating in Canada by filing the same pre-registration undertaking.
Binance also filed a pre-registration undertaking in late March to adjust its Canadian operations. Previous speculation suggested that Binance could leave the country, possibly based on 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, OKX, and Blockchain.com will also stop serving Canadian users.
The affected companies will begin to reduce services in the coming weeks and months.
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