Bitstamp’s departure from Canada is ‘timing issue’, says CEO

Cryptocurrency speech Bitstamp hopes to instrumentality to Canada aft halting operations aboriginal adjacent year, according to Bitstamp U.S. CEO and planetary main commercialized serviceman Bobby Zagotta.

Bitstamp volition officially discontinue its services to customers successful Canada starting from Jan. 8, 2024, the speech confirmed successful a connection to Cointelegraph.

As a effect of the work termination, each Canada accounts connected Bitstamp volition beryllium closed and customers volition nary longer person entree to their accounts. Bitstamp has powerfully recommended its Canadian customers retreat their funds by January 2024, besides urging the clients to deactivate their Bitstamp accounts.

“We privation to stress that your crypto assets ever stay yours, and we are committed to reaching retired to immoderate customers who were incapable to adjacent their accounts themselves to guarantee the instrumentality of their funds,” Bitstamp noted.

Bitstamp’s determination to discontinue operations successful Canada is “primarily a timing issue” related to the company’s existent enlargement priorities, Bitstamp U.S. CEO told Cointelegraph. The speech is exiting the Canadian marketplace to refocus connected regions wherever Bitstamp tin align “more effectively” with section regulations, Zagotta said, adding:

“We anticipation to service this marketplace successful the future; however, astatine this time, we are incapable to prioritize the enactment and allocate the indispensable resources to conscionable caller regulations.”

Zagotta emphasized that Bitstamp remains committed to serving its planetary idiosyncratic base, and immoderate decisions regarding its beingness successful circumstantial countries would apt beryllium connected evolving regulatory environments and marketplace conditions.

Bitstamp’s exit from Canada comes amid the speech reportedly raising funds to standard its planetary operations. The level has reportedly been moving to unafraid caller superior since May 2023 to launch derivatives trading successful Europe successful 2024 and grow its services successful the United Kingdom.

Related: Canadian regulatory assemblage clarifies stablecoin rules for exchanges and issuers

Founded successful 2011, Bitstamp is 1 of the world’s longest-running cryptocurrency exchanges. According to the Bitstamp website, the level serves a ample fig of countries astatine the clip of writing, including the United States, Singapore, South Korea, Japan and others.

According to information from CoinGecko, Bistamp’s regular trading volumes amount to astir $114 cardinal astatine publishing time. The volumes are importantly little than volumes reported by large competitors similar Binance, which trades astir $4 cardinal per day, according to CoinGecko.

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