OKX to stop operations in Canada by June 22 2023

Spread the love

On Mar. 20, cryptocurrency trade OKX knowledgeable Canadian customers through electronic mail the agency “will now not present providers or permit customers to open new accounts in Canada beginning on Mar. 24, 2023, 12:00 AM EST,” citing “new laws.” In accordance with OKX, current Canadian clients should shut open positions in choices, margins, perpetual, and futures by June 22, 2023. Fiat or tokens should even be withdrawn by the mentioned date.

“Your funds will stay secure in your account till you withdraw them. It is possible for you to to withdraw {dollars} to your linked checking account and cryptocurrency to your self-custody pockets or your cryptocurrency account on one other trade. “

OKX says its withdrawal from Canada is “non permanent,” and the trade is working with regulators to resolve this problem. “We hope to see you once more sooner or later. Keep tuned,” wrote OKX employees. Beforehand, cryptocurrency trade Bittrex International off-boarded Canadian customers on July 29, 2022, after giving advance discover, which, too, cited regulatory developments as causes for leaving the nation.

On Feb. 22, the Canadian Securities Directors (CSA) printed a discover requiring crypto exchanges to signal new, legally-binding undertakings whereas they await registration with the regulatory. Amongst many objects, the new enterprise prohibits “shopping for or depositing Worth Referenced Crypto Belongings (generally known as stablecoins) by crypto contracts with out the prior written consent of the CSA.” Though it seems stablecoin USD Coin (USDC) has not been affected by the ruling. 

At the moment, all cryptocurrency exchanges should register with Canadian regulators earlier than onboarding customers within the nation. On June 22, 2022, cryptocurrency exchanges ByBit and KuCoin have been issued tens of millions of {dollars} in fines after the Ontario Securities Comission decided that decided each have been working as “non-compliant platforms” within the nation.

The off-boarding message despatched to Canadian OKX customers on Mar. 20 2023 | Supply: OKX