• Gemini exits Canadian market, citing strict regulations and compliance costs.
• Users must withdraw funds by Dec. 31 as all accounts will close by that date.
• Canada’s new crypto rules, set for 2026, further restrict decentralized markets.

Crypto exchange Gemini has become the latest platform to withdraw from the Canadian market, following in the footsteps of major players like Binance, OKX, dYdX, and Bybit.

Gemini’s departure highlights the challenges that crypto companies face in navigating Canada’s increasingly stringent regulatory landscape.

The exchange’s decision marks a significant shift, as Gemini had previously described Canada as a critical part of its international expansion strategy.

Why are crypto platforms exiting Canada?

Gemini’s move follows a broader trend of crypto platforms exiting Canada due to rising compliance costs and complex regulatory hurdles.

Canadian authorities have been tightening their grip on the crypto market since February 2023, when the Canadian Securities Administrators (CSA) required all crypto exchanges operating in the country to sign legally binding pre-registration agreements. These agreements came on top of existing restrictions, such as the prohibition of margin trading for Canadian users and limitations on offering stablecoins, which many exchanges found challenging to adhere to.

Though Gemini initially complied with the new regulations by submitting a pre-registration undertaking in April 2023, the evolving regulatory climate has proven too burdensome. The exchange’s exit echoes that of Binance and OKX, which similarly cited the high cost and complexity of complying with Canada’s increasingly restrictive rules.

Looking ahead, the regulatory environment for crypto in Canada is set to become even more stringent. In April 2024, the Canadian government introduced the Crypto-Asset Reporting Framework, which will come into effect in 2026.

This framework will require crypto service providers to report detailed transaction data annually, including sensitive client information such as residential addresses and taxpayer identification numbers.

Gemini Canadian users have 90 days to withdraw funds

Gemini issued a formal notice to its Canadian users on September 30, urging them to withdraw their assets by December 31, 2024.

The Winklevoss-founded exchange has provided customers with a 90-day window to move both their cryptocurrency holdings and fiat balances before all Canadian accounts are closed.

As Gemini bows out, Canadian users are left with fewer options to access decentralized markets, while global exchanges like Coinbase, Kraken, and Crypto.com continue to operate within the country’s borders.

• Kasikornbank is set to launch orbix Custodian, Thailand’s first licensed digital asset custodian.
• Operations for orbix Custodian are set to begin in early 2025 after licensing.
• KBank also focuses on AI development through its partnership on Project SEALD.

Thailand’s second-largest bank by assets, Kasikornbank (KBank), is set to launch orbix Custodian, the country’s inaugural licensed digital asset custodian, which will be supervised by the Securities and Exchange Commission (SEC).

Notably, the announcement comes two weeks after the license was issued on September 13, with operations expected to commence in early 2025. The license was issued by the Ministry of Finance.

KBank’s President, Pipit Aneaknithi, in a statement issued by the bank emphasized that the introduction of the custody service marks a pivotal moment for the digital financial infrastructure in Thailand. “This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country’s digital industry, in response to government policy to accommodate future changes in the financial sector,” he stated.

The launch of orbix Custodian follows a series of strategic moves by KBank to enhance its presence in the digital asset sector. The custodian is owned through its digital-focused subsidiary, Unita Capital, which also encompasses orbix Invest and orbix Technology.

Notably, orbix Trade, a cryptocurrency exchange previously known as Satang, was acquired by Unita Capital in October 2023.

In early September, orbix Technology introduced the Q-Bond project, issuing bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. These bonds come with a one-year maturity and a fixed interest rate of 2.38%, in partnership with the state-owned oil and gas company PTT.

In addition to its digital asset initiatives, KBank is making strides in artificial intelligence. Its subsidiary, Kasikorn Business Technology Group (KBTC), has partnered with AI Singapore and Google Research on Project SEALD (Southeast Asian Languages in One Network Data).

Launched in March, this project aims to develop large language models (LLMs) in several Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino, and Burmese, further highlighting KBank’s commitment to technological advancement in the region.