Bitstamp to halt Canadian operations by 2024, following Binance and Bybit. CSA updates stablecoin trading guidelines. By Maxwell Mutuma 10 mins ago Updated 10 mins ago
Bitstamp cryptocurrency has announced its decision to halt operations in Canada by January 8, 2024. This move follows the footsteps of other major exchanges like Binance and Bybit, which also recently exited the Canadian market.
Bitstamp Sets January Deadline for Withdrawals
Bitstamp’s CEO, Bobby Zagotta, expressed gratitude to their Canadian clientele, emphasizing that the decision was not made lightly. Moreover, he hinted at the possibility of returning to the Canadian market. However, all Canadian accounts will be closed for now, and access will be terminated after the mentioned date. Additionally, customers have been given a deadline of January 8 to withdraw their funds, after which they are expected to deactivate their Bitstamp accounts.
This trend of crypto exchanges leaving Canada isn’t new. Earlier this year, exchanges like OKX, Paxos, and dydx also exited. Significantly, Binance, when announcing its departure, cited new guidelines related to stablecoins and investor limits as the primary reason. Consequently, Bybit clarified its intentions and asked users to close their positions by September end.
CSA Sets Registration Deadline for Exchanges
The Canadian Securities Administrators (CSA) had previously set a deadline for crypto asset exchanges to register with them by late March. This was to ensure they met specific pre-registration requirements. However, on October 6, the CSA revealed potential allowances for trading specific stablecoins, albeit with terms and conditions.
One such condition requires stablecoin issuers to maintain an “appropriate” asset reserve with a qualified custodian. However, this change doesn’t signify a shift in the CSA’s overall stance on cryptocurrency. They have clearly stated that meeting these interim conditions doesn’t equate to an endorsement or approval of the asset.
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