Winklevoss-founded crypto exchange Gemini is set to close all customer accounts in Canada by the end of 2024.

In a Sept. 30 email sent out to Canadian users of the exchange, Gemini said it would close all accounts in Canada by Dec. 31 and told users they had 90 days to withdraw assets from the platform.

Crypto exchange Gemini, founded by the Winklevoss twins, will close all customer accounts in Canada by the end of 2024.

In an email sent to Canadian users on Sept. 30, Gemini announced that it will close all accounts in the country by Dec. 31 and gave users 90 days to withdraw their assets from the platform.

“We are writing to inform you that, 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,” the exchange wrote in its email.

Gemini notified Canadian customers of the impending closure via email. Source: Gemini

The move by Gemini comes several months after financial regulators in the country jointly introduced new regulations for crypto exchanges and trading platforms operating in Canada.

On Feb. 22, the Canadian Securities Administrators (CSA) published a notice that required all crypto asset trading platforms to sign a legally binding pre-registration undertaking in order to continue operating in the country.

Major international crypto exchanges reacted differently to the new regulatory regime.

While Gemini quickly adhered to the new requirements, filing its pre-registration on April 13, a spokesperson for the exchange highlighted 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.”

Cointelegraph has reached out to Gemini for comment regarding the closure of Canadian accounts but did not receive a response at the time of publication.

Other top exchanges, including OKX, dYdX, Paxos, Bybit and Binance, previously announced their exits from the Canadian market.

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This is a developing story, and further information will be added as it becomes available.