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Gemini, one of the leading US-based cryptocurrency exchanges, has operate in expand to Canada while other cryptocurrency exchanges are ceasing operations in the region.
According to a recent announcement from Gemini, the exchange has filed a pre-registration undertaking to sign an agreement with the Ontario Securities Commission (OSC). The OSC is the financial authority that oversees Ontario. The undertaking is necessary to operate as a legal, restricted cryptocurrency platform in Canada. All cryptocurrency exchanges that are operating, or wish to operate, in Canada are required to provide the pre-registration undertaking. According to Gemini’s director of strategy and corporate development, Cynthia Del Pozo Garcia:
“Canada has also been at the forefront of the global crypto fund management space, with publicly traded crypto ETFs being approved and in market since 2021. Gemini is proud to serve as sub-custodian to many Canadian crypto ETFs through our dedicated Fund Solutions business.”
Gemini holds “many” international licenses, according to Del Pozo Garcia, to operate in a number of different regions legally. This includes an E-Money License from the Financial Conduct Authority (FCA) in the United Kingdom, an E-Money License from the Central Bank of Ireland, and state money transmitter licenses to operate within certain regions in the United States. Aligned with the licenses, Gemini also conducts annual audits of our financial statements to operate within the New York Department of Financial Services’s parameters.
Canada’s pre-registration undertaking
Canada introduced the new regulations in February as part of a notice. This announced that all crypto trading platforms must sign a binding pre-registration undertaking. Since then, OKX has announced that it will be removing operations from Canada by the middle of the year. Paxos has also announced that it will be ceasing operations in the region as a result of regulatory uncertainty.
In addition to Gemini, both Binance and Kraken have announced that they will be filing the pre-registration undertaking.