Gemini has submitted a pre-registration undertaking to Canada’s Ontario Securities Commission (OSC) to comply with recent securities regulations in the country.
These regulations require crypto firms to segregate Canadian customer funds from foreign user funds, register as a restricted dealers, and withhold certain services from Canadian residents.
By submitting the filing, Gemini intends to register as a restricted dealer and continue serving retail users in Canada. Gemini also provides institutional services to Canadian cryptocurrency exchange-traded funds.
The move comes as competing exchanges such as Coinbase, Kraken, and Crypto.com file similar undertakings to stay in the Canadian crypto market.
However, some companies like Paxos, dYdX, OKX, and Blockchain.com plan to stop serving Canadian users due to regulatory issues.
