Gemini

dYdX (ethDYDX)

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">According to an <a href="https://help.paxos.com/hc/en-us/articles/14791919809812-Paxos-Withdrawal-from-Canada" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">FAQ</a> posted on Paxos’ website, the company will stop offering its services in Canada on June 2nd. The firm is urging its Canadian users to close their accounts as soon as they are able and announced it would automatically close all accounts without funds on May 9th. Paxos is the latest digital assets company to announce a departure from the North American country and its announcement comes just days after dYdX reached the same decision.</p> 
<h3 id="paxos-announces-its-departure-from-canada">Paxos Announces its Departure From Canada</h3> 
<p>A page titled “Paxos Withdrawal from Canada” was posted to the company’s website earlier this week. It offers some insight into the firm’s planned departure from the North American country. According to the attached FAQ, Paxos’ operation will be wound down on June 2nd at the latest, and Canadian users are encouraged to close their accounts as soon as they are able.</p> 
<p>Paxos, however, highlights that users who miss the withdrawal deadline will still have access to their money, but that the process would be lengthier and less convenient. The company also stated that it would keep a close eye on the situation in Canada and maintain communication with the OSC and that it may, at a future date, return to the country.</p> 
<p>The digital assets company recently found itself under regulatory pressure in the US. In mid-February, it was <a href="https://tokenist.com/busd-issuer-ordered-to-stop-minting-new-tokens-report/" rel="dofollow" class="deco-link">ordered to stop issuing its Binance-branded BUSD stablecoin</a> by US watchdogs. Around the same time, it <a aria-label=" (opens in a new tab)" href="https://www.prnewswire.com/news-releases/paxos-issues-statement-301745616.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">received a Wells notice</a> from the SEC warning that the token may be an unregistered security.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="the-recent-departees-and-remainers-in-canada">The Recent Departees and Remainers in Canada</h3> 
<p>While Paxos made no mention of it in the FAQ, it is likely that its decision to leave the country comes as a result of the recently tightened requirements imposed on digital assets companies in the country. When it was introduced, <a href="https://www.asc.ca/-/media/ASC-Documents-part-1/Regulatory-Instruments/2023/02/6082629-CSA-Notice-21-332-Crypto-Trading-Platforms.ashx" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">the new undertaking</a> caused some speculation on which firms would elect to remain in Canada, and which would abandon its market.</p> 
<p>So far, the results have been mixed. Several major companies have reaffirmed their commitment to remaining in Canada. Earlier on Wednesday, the Winklevoss twins’ Gemini announced it had filed the pre-registration with the Ontario Securities Commission <a href="https://tokenist.com/gemini-takes-first-steps-to-comply-with-new-crypto-requirements-in-canada/" rel="dofollow" class="deco-link">highlighting its determination to remain in the country</a>.</p> 
<p>Similarly, Kraken revealed two weeks it had done the same as Gemini, and characterized Canada as “a cornerstone of (its) global business”. On the other hand, the decentralized exchange <a href="https://tokenist.com/dydx-slides-5-as-its-dex-announces-departure-from-canada/" rel="dofollow" class="deco-link">dYdX announced it is departing the country</a> and cited the current regulatory climate as the main reason for the decision.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Which major cryptocurrency company will be the next to leave Canada due to the new undertaking? Let us know in the comments below.&nbsp;</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/paxos-to-end-its-canadian-operations-on-june-2nd/">Paxos To End Its Canadian Operations on June 2nd</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Paxos To End Its Canadian Operations on June 2nd

Tabla de contenidos

TokenInsight

Otros artículos publicados el 12 abr 2023

Alchemy Pay and BingX Collaborate to Improve Off-and-On Ramp Solution

Despite a slow market day, Solana has continued to dominate recording gains as other cryptos tumb...

How Do You Choose The Best NFTs to Buy?

Cryptocurrencies to watch for the week of April 10, 2023

Gemini Founders Allegedly Use Personal Funds to Finance Exchange Amid Regulatory Scrutiny

Remarks From Bitcoin Bull Mike Novogratz: Says Next Price Target After 30,000!

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!