OKX Exchange to Suspend Operations in Canada

March 25, 2023

MCP News Free

OKX Exchange to Suspend Operations in Canada

On Friday, crypto exchange OKX announced the suspension of operations in Canada, citing its inability to meet the deadline for filing with the country’s regulators.

OKX stopped serving Canadians this morning. It couldn't meet today's deadline for filing with securities regulators.

Next up: Coinbase, Kraken and Gemini.

Unless they file by today, all three will have to exit Canada, else they'll be operating here illegally. pic.twitter.com/gcccXNoaVA
— John Paul Koning (@jp_koning) March 24, 2023

On March 24, the exchange sent an email to its users in Canada, informing them to close positions in perpetual, options, all margin positions, as well as future before or by 22 June, this year at exactly 12:00 AM EST.

Additionally, OKX Canadian users are informed to ensure their tokens and fiat currency are used before the deadline, assuring users that their funds on the platform are safe before the deadline.

The suspension of operations in Canada is a temporary step for the Canadian financial watchdog to address the new issue of regulation.

Meanwhile on February 22, the country’s financial regulators released a publication, informing all crypto exchange platforms to operate within the earlier financial rules before they’ll be registered with the country’s regulators called the Canadian Securities Administrators (CSA).

However, the new legally binding rules comprise a lot of regulation including “buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins) through crypto contracts without the prior written consent of the CSA.”

Moreover, Circle’s stablecoin USDC may not be affected by the new rules and according to regulators, consumer protection, provisions and level-playing-field concerns are the primary drivers of these reforms. The CSA demands that all crypto exchanges before they enter the Canadian market are meant to register with the agency.

However, some exchanges that have failed to comply with the new guidelines have been fined by the CSA, and exchanges like Bybiy and Kucoin are victims of the penalty.

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