April 19, 2024
Bitstamp Announces Exit from Canadian Market: Will Cease Services in 2024
Latest Cryptocurrency News

Bitstamp Announces Exit from Canadian Market: Will Cease Services in 2024

In Canada, Bitstamp will stop offering its services in January 2024.

The cryptocurrency corporation gave no explicit explanation for the move.

CEO Bobby Zagotta stated, “This is not a decision we took lightly, and we thank our Canadian customers for their loyalty over the years. We hope to be able to serve Canada again at some point in the future.”

“After initially informing our valued customers in March, Bitstamp will officially discontinue its services to customers in Canada starting January 8, 2024. As a result, all Canada accounts will be closed, and customers will no longer have access to their accounts,” Zagotta later added.

Up until January 8, consumers can withdraw their money, but after that, “customers must deactivate their Bitstamp accounts.”

Following Binance and Bybit, Bitstamp is the most recent exchange to leave the Canadian market. Earlier this year, many other businesses also departed, including OKX, Paxos, and Dydx.

“Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” Binance stated back in May.

Users were instructed to liquidate their investments by the end of September by Bybit, which declared its intention to leave the market in late May.

The withdrawals from the market earlier this year coincided with the Canadian Securities Administrators giving cryptocurrency asset exchanges until the end of March to register with them and fulfil their “pre-registration requirements.”

However, the CSA stated on October 6 that, subject to certain criteria and restrictions, it may permit the trade of particular stablecoins.

The CSA will mandate that stablecoin issuers maintain a reserve of “appropriate” assets with a licensed custodian.

The CSA’s position on cryptocurrencies has not changed as a result of the move.

“The fact that an asset satisfies these interim terms and conditions should not be viewed as an endorsement or approval of the asset, nor should it give any indication that the asset is risk-free,” the CSA concluded.

Image: Wallpapers.com

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