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- 1 Gemini is ready for Canadian expansion after its United Kingdom and Ireland projects.
- 2 Winklevoss twin brothers loaned their crypto exchange $100 Million for global expansion.
Gemini, an American cryptocurrency exchange, announced on April 12 that it has applied for pre-registration to operate as a cryptocurrency exchange in Canada. Gemini Trust Company is an American headquartered cryptocurrency exchange that offers the facility to buy and sell cryptocurrencies.
In its official blog post-Gemini explained that the crypto exchange has provided a pre-registration undertaking to the Ontario Securities Commission to get registered as a restricted dealer with OSC.
According to geological data, Ontario is the second largest and one of the most populous provinces of Canada, having 38% of the total Canadian population. According to the dictionary, Ontario in the Iroquoian language means “beautiful lakes” or “Sparkling water.”
In the same blog post, the Director of Gemini’s strategy and corporate development, Cynthia Del Pozo Garcia, noted that “one of the most essential and fully developed markets in the Americas, Canada has played a crucial role in Gemini’s global expansion.”
Del Pozo said that Gemini holds dozens of licenses globally, including an E-Money License from the Financial Authorities of the United Kingdom, an E-Money License from Ireland Central Bank, and State money transmitter licenses.
On February 22, the Canadian Securities Administration(CSA) published a notice suggesting all crypto exchanges sign a pre-registration to carry on their operations in the nation.
The country has made some significant changes in the regulation, which will restrict the exchanges from buying and selling stablecoin to the Candanians with prior approval from authorities.
According to the CSA’s notice after the events of recent insolvency, including Voyager Digital, BlockFi, Celsius, and FTX group of companies, the authorities have decided to launch an essential new investor protection provision in the standard form of PRU.
Crypto Exchanges Halted Canadian Operations
Earlier on April 13, TheCoinRepublic reported that Paxos planned to exit the Canadian market because the crypto exchange cannot comply with the new crypto regulations of Canada. The crypto trading company said that it would no longer serve Canadian users.
Paxos is among many cryptos feared by Canada’s newly launched crypto regulations. Some leading crypto exchanges planning to enter the Canadian crypto market are Blockchain(Dot)Com, OKX, and dYdX.
Moreover, Kraken, Coinbase, and Crypto.com are centralized crypto exchanges that agree with new Canadian regulations and have filed the pre-registration to conduct their operations there.
Gemini has over 13 Million active users on its platform and offers to trade more than 25 cryptocurrencies. According to Crunchbase, Gemini has acquired over six organizations, including Blockchange, Guesser, Nifty, and others.
After FTX’s massive collapse, Gemini was in trouble, maybe because of its direct or indirect exposure to Sam Bankman’s crypto exchange. The financial structure was severely affected ahttps://www.thecoinrepublic.com/2022/12/29/gemini-sued-over-interest-earning-program-twins-accused-of-deceit/fter the FTX collapse.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
