Crypto Exchange OKX Exits Canada Market Citing Regulatory Concerns
- The cryptocurrency exchange OKX sent an email to Canadian customers on March 20.
- By June 22, users must withdraw fiat currency or tokens.
Several cryptocurrency companies have rethought their strategies and even pulled out of certain countries due to the regulatory uncertainty that has plagued the crypto business in recent years. One recent instance of this pattern is the news that cryptocurrency exchange OKX would stop operating in Canada as of June 22, 2023.
The cryptocurrency exchange OKX sent an email to Canadian customers on March 20. It stated that the company will no longer offer services or enable users to establish new accounts in Canada. This would begin on Mar. 24, 2023, at 12:00 AM EST, citing “new regulations.” OKX requires all current Canadian clients to terminate any open options, margin, perpetual, and futures contracts by June 22. At the same deadline, users must withdraw fiat currency or tokens.
Stringent Regulatory Approach
OKX has announced that it would be temporarily leaving the Canadian market. While it works with authorities to address the situation. Earlier, Bittrex Global, a cryptocurrency exchange, informed its Canadian customers in advance that it will be departing the country on July 29, 2022, citing new regulations as one of the reasons.
While waiting for registration with the CSA. Cryptocurrency exchanges were told in a notice released on February 22 that they must sign updated, legally enforceable undertakings.
Canadian authorities require that any cryptocurrency exchange that intends to accept residents of the nation first register with them. On June 22, 2022, the Ontario Securities Commission announced million-dollar penalties on cryptocurrency exchanges ByBit and KuCoin for running “non-compliant platforms” in the province.
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