OKX to cease operations in Canada by June 22 2023

2 years ago

"Withdrawals from OKX volition proceed to beryllium available," wrote the OKX squad successful an email to users. ͏ ͏ ͏ ͏

OKX to cease operations successful Canada by June 22 2023

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On Mar. 20, cryptocurrency speech OKX informed Canadian users via email the steadfast "will nary longer supply services oregon let users to unfastened caller accounts successful Canada starting connected Mar. 24, 2023, 12:00 AM EST," citing "new regulations." According to OKX, existing Canadian customers indispensable adjacent unfastened positions successful options, margins, perpetual, and futures by June 22, 2023. Fiat oregon tokens indispensable besides beryllium withdrawn by the said date.

"Your funds volition stay harmless successful your relationship until you retreat them. You volition beryllium capable to retreat dollars to your linked slope relationship and cryptocurrency to your self-custody wallet oregon your cryptocurrency relationship connected different exchange. "

OKX says its withdrawal from Canada is "temporary," and the speech is moving with regulators to lick this issue. "We anticipation to spot you again successful the future. Stay tuned," wrote OKX staff. Previously, cryptocurrency speech Bittrex Global off-boarded Canadian users connected July 29, 2022, aft giving beforehand notice, which, too, cited regulatory developments arsenic reasons for leaving the country.

On Feb. 22, the Canadian Securities Administrators (CSA) published a announcement requiring crypto exchanges to motion new, legally-binding undertakings portion they await registration with the regulatory. Among galore items, the new undertaking prohibits "buying oregon depositing Value Referenced Crypto Assets (commonly referred to arsenic stablecoins) done crypto contracts without the anterior written consent of the CSA." Although it appears stablecoin USD Coin (USDC) has not been affected by the ruling.

Currently, each cryptocurrency exchanges indispensable registry with Canadian regulators earlier onboarding users successful the country. On June 22, 2022, cryptocurrency exchanges ByBit and KuCoin were issued millions of dollars successful fines aft the Ontario Securities Comission determined that determined some were operating arsenic "non-compliant platforms" successful the country.