- Bitstamp will stop serving Canadian clients as of January 8, 2024.
- Canadian users have been urged to withdraw their funds and close their accounts.
According to Bobby Zagotta, CEO of Bitstamp USA and the company’s worldwide chief commercial officer, the cryptocurrency exchange Bitstamp intends to restart operations in Canada after suspending them early in 2024. Bitstamp has stated in a statement that it will stop serving Canadian clients as of January 8, 2024.
Moreover, all Bitstamp Canada accounts will be closed and users will lose access to their funds as a consequence of the service discontinuation. Canadian users of Bitstamp have been urged to withdraw their funds and close their accounts before the end of the month of January 2024.
The exchange stated:
“We want to emphasize that your crypto assets always remain yours, and we are committed to reaching out to any customers who were unable to close their accounts themselves to ensure the return of their funds.”
Raising Funds for Expansion
Zagotta said that the decision to end Canadian operations was “primarily a timing issue” relating to Bitstamp’s current growth plans. He said that Bitstamp is leaving the Canadian market in order to shift its attention to other locations where it can comply “more effectively” with local legislation.
Bitstamp is dedicated to supporting its worldwide user base, as previously stated by Zagotta, and any choices about its presence in certain countries would likely be based on changing legislative settings and market realities.
While Bitstamp is apparently trying to raise capital to expand its worldwide operations, the exchange has decided to pull out of the Canadian market. To facilitate the debut of derivatives trading in Europe in 2024 and the expansion of services in the United Kingdom, the platform has apparently been attempting to obtain fresh funding since May 2023.
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