2 months ago 1 min read

Canadian Operations Of OKX Will End On June 22, 2023


According to OKX, existing Canadian customers must close open positions in options, margins, perpetual, and futures by June 22, 2023. On March 20, cryptocurrency exchange OKX informed Canadian users via email that the firm "will no longer provide services or allow users to open new accounts in Canada starting on March 24, 2023, 12:00 AM EST," citing "new regulations". By the specified date, all fiat or tokens must also be withdrawn.

"Your funds will remain safe in your account until you withdraw them. You will be able to withdraw dollars to your linked bank account and cryptocurrency to your self-custody wallet or your cryptocurrency account on another exchange."

According to OKX, its departure from Canada is "temporary," and the exchange is collaborating with regulators to find a solution. Keep tuned, and we hope to see you again in the future," the OKX staff added. Prior to this, cryptocurrency exchange Bittrex Global informed its Canadian users that it will be off-boarding them on July 29, 2022, and cited regulatory developments as one of the reasons for doing so.

While they wait to be registered with the regulatory body, Canadian Securities Administrators (CSA) published a notice on February 22 requiring cryptocurrency exchanges to execute additional, legally enforceable undertakings. The new regulation forbids, among other things, "purchasing or depositing Value Referenced Crypto Assets (commonly known as stablecoins) through crypto contracts without the prior written authorization of the CSA," even though it seems stablecoin USD Coin (USDC) has not been impacted by the rule.

At the moment, all bitcoin exchanges are required to register with Canadian regulators before accepting customers there. ByBit and KuCoin, two cryptocurrency exchanges, were fined millions of dollars on June 22, 2022, by the Ontario Securities Commission for operating as "non-compliant platforms" in the nation.

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