OKX will stop Canadian operations by June 22, 2023

Users should be certain that “Withdrawals from OKX will continue to be accessible,” as the OKX staff assured them in an email. ͏ ͏ ͏ ͏

As a result of “new rules,” the cryptocurrency exchange OKX emailed its Canadian customers on March 20 to say that it “would no longer offer services or allow users to establish new accounts in Canada beginning on Mar. 24, 2023, 12:00 AM EST.” Existing Canadian clients of OKX must close open options, margin, perpetual, and futures transactions by June 22. In addition, fiat or tokens must be removed by that date.

“Your savings will stay secure until you remove them. You will be able to withdraw cash to your associated bank account and cryptocurrencies to your self-custody wallet or account on another exchange.”

OKX said its removal from Canada is “temporary” and is collaborating with authorities to resolve the situation. On July 29, 2022, after providing an early warning, the cryptocurrency exchange Bittrex Global delisted Canadian customers, citing regulatory changes as one of the reasons for departing the country.

The Canadian Securities Administrators (CSA) released a notification on February 22 mandating that crypto exchanges sign new, legally binding agreements while they await registration with the regulators. The new initiative restricts, among other things, “purchasing or depositing Value Referenced Crypto Assets (commonly known as stablecoins) via crypto contracts without the prior written authorization of the CSA,” however it seems the stablecoin USD Coin is unaffected.

Presently, all cryptocurrency exchanges are required to register with Canadian authorities before accepting Canadian customers. The Ontario Securities Commission fined cryptocurrency exchanges ByBit and KuCoin millions of dollars on June 22, 2022, after determining that both were operating as “non-compliant platforms” in the nation.

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