Cryptocurrency Exchange Gemini Shuts Down Operations in Canada

Gemini, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced its closure in Canada, sparking questions about the reasons behind the move. Canadian authorities have been imposing stricter regulations on the crypto industry, leading to several exchanges exiting the market. The Canadian Securities Administrators (CSA) extended the deadline for compliance with stablecoin regulations, causing Gemini to exit. The CSA aims to ensure investor protection and has approved several crypto exchanges to operate in Canada. While some exchanges like Coinbase are expanding their presence in Canada, others like Binance have left due to regulatory issues. Speculations suggest that the use of stablecoins as trading pairs may have influenced these decisions. Despite concerns over stablecoin regulations, there is no official ban on their use in Canada. Major exchanges like Kraken and Coinbase have delisted certain stablecoins from their platforms in response to regulatory changes.