Hi there. I have a crypto news post this time around. In this post I give my short thoughts about the Gemini crypto exchange exit from Canada.
The Gemini Crypto exchange founded by Cameron & Tyler Winklevoss have notified their Canadian users that it would be shutting down operations in Canada. Reasons behind this decision are unknown.
The Cointelegraph article does mention this:
Gemini’s exit came just a few days after the Canadian Securities Administrators (CSA) released an update to crypto trading platforms (CTP) on Sept. 26 regarding stablecoins, referred to as value-referenced crypto assets (VRCA).
In the update, the regulator once again extended the deadline by which CTPs would no longer be allowed to offer stablecoins that do not comply with applicable terms and conditions by the CSA.
In the image above, the left column are the crypto exchanges that are allowed to operate in Canada. Some of them include Bitbuy (associated with Kevin O'Leary I think), Coinbase Canada, Coinberry, Netcoins, Coinsquare, Newton Crypto, Shakepay, VirgoCX, Wealthsimple Digital Assets. These listed companies are mostly Canadian companies. This lack of competition in the crypto space does limit the number of cryptos to buy and sell.
There is also annual buy limits on some crypto exchanges in Canada that was in effect from the year 2022. Source, Source 2 Retail investors have an annual purchase limit of 30000 CAD for all cryptocurrencies. If you purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) or USD Coin (USDC) then there is no purchase limit for those. Why those 5? I dunno. Bias maybe.
Crypto trading & buying in Canada is not great but there are workaround solutions. The crypto coin offerings from the Canadian exchanges here have gotten better in the last two years. More choice for Canadians would be nice though.
