- To further its expansion in Canada, Gemini is requesting permission from the relevant authorities.
- Pre-registration paperwork was submitted by Gemini to the Ontario Securities Exchange.
- Gemini’s approach to regulatory compliance strengthens cryptocurrency’s credibility.
Tyler Winklevoss, the co-founder of the cryptocurrency exchange platform Gemini, recently announced on Twitter that the company is taking important steps to obtain a license to operate in Canada. The US-based crypto exchange is actively pursuing regulatory approval to expand its services into the Canadian market.
.@Gemini is taking key steps to becoming registered and licensed in Canada. 🇨🇦 Let's go!https://t.co/tsVD0rvAnX
— Tyler Winklevoss (@tyler) April 12, 2023
Gemini announced that they filed a pre-registration with the Ontario Securities and Exchange Commission (OSC), a crucial step for cryptocurrency exchanges seeking to operate within the country.
The Exchange has been working closely with regulators and authorities within the country since its launch. Moreover, this partnership has helped to enhance the spread and adoption of cryptocurrencies globally. Significantly, Gemini has set an example for other exchanges by actively engaging with regulatory authorities.
While demonstrating the commitment to protect its users against crypto-related crimes such as cybercrime, the platform has helped to build a more trustworthy and secure digital asset market.
Gemini’s approach to regulatory compliance has also contributed to the overall legitimacy of the cryptocurrency industry. As a result, more individuals and institutions have felt comfortable investing in digital assets, which has helped drive the cryptocurrency market’s growth.
Canadian Cryptocurrency Sector Faces Setback as dYdX Shuts Down
Despite the positive developments in Canada’s cryptocurrency sector, there have also been recent challenges. On April 7th, decentralized cryptocurrency exchange dYdX announced that it would be closing its Canadian operations. The platform has already ceased onboarding new clients from the country, and all existing Canadian users will be transitioned into close-only mode starting April 14th.
This news comes as a setback for the cryptocurrency industry in Canada, as dYdX had been one of the leading players in the decentralized finance (DeFi) space. However, the decision to halt operations in Canada is likely a response to increased regulatory scrutiny.
Gemini cryptocurrency exchange has faced challenges, particularly during last year’s bear market. The platform has also had setbacks with regulations. However, there is good news for investors and traders as Gemini’s top executives have injected their capital into the platform, giving hope for the future.
