Canadian users of the exchange have received an email requiring them to withdraw all their funds as their account will be shut down on the 31st of December of this year.

Gemini’s sudden move comes months after financial regulators in the country together introduced regulations for crypto exchanges and trading platforms operating on Canadian soil.

On Feb. 22, the Canadian Securities Administrators (CSA) published a notice requiring all crypto asset trading platforms to sign a legally binding pre-registration undertaking to continue operating in the country.

“In light of recent insolvencies involving a number of CTPs, including Voyager Digital, Celsius Network, the FTX group of companies, BlockFi, and Genesis Global (collectively recent CTP insolvency events), we are introducing important new investor protection provisions into the standard form of PRU,” wrote the CSA.

Gemini rushed to adhere to the new requirements, filing its pre-registration, about 2 weeks after the notice, on April 13. A representative of Gemini said that Canada was “one of the most important and developed markets in the Americas” and had played an “essential role in Gemini’s international expansion.“ so they were eager to comply.

However, the latest move by Canada’s regulatory body CSA already led many other crypto companies such as Binance, OkX, dYdX, Paxos, Bybit, and dYdY to leave the Canadian market.

So far Coinbase is still viable although limited to Canadian users with deposit and withdrawal in CAD still available.