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Bitstamp is discontinuing services in Canada starting January 2024.<\/p>\n
The crypto company did not give a clear reason for the exit, with CEO Bobby Zagotta saying, \u201cThis is not a decision we took lightly, and we thank our Canadian customers for their loyalty over the years. We hope to be able to serve Canada again at some point in the future.\u201d\u00a0\u00a0\u00a0<\/p>\n
\u201cAfter initially informing our valued customers in March, Bitstamp will officially discontinue its services to customers in Canada starting Jan. 8, 2024. As a result, all Canada accounts will be closed and customers will no longer have access to their accounts,\u201d Zagotta added.<\/p>\n
Customers will be able to withdraw their funds until Jan. 8, though after that \u201ccustomers must deactivate their Bitstamp<\/a> accounts.\u201d<\/p>\n Read more:<\/strong> Bitstamp ending ETH staking for US customers in September<\/a><\/p>\n Bitstamp is the latest exchange to exit the Canadian market, following Binance and Bybit. Other companies, such as OKX, Paxos and dydx also left earlier this year.\u00a0<\/p>\n \u201cUnfortunately, new guidance related to stablecoins<\/a> and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,\u201d Binance said back in May<\/a>.<\/p>\n Bybit, which announced its decision<\/a> to exit the market in late May, told users to close out positions by the end of September.\u00a0<\/p>\n The exits earlier this year came as the Canadian Securities Administrators gave crypto asset exchanges a deadline of late March to register with them and meet \u201cpre registration requirements.\u201d<\/p>\n However, on Oct. 6, the CSA announced that it may allow the trading<\/a> of specific stablecoins subject to terms and conditions.<\/p>\n The CSA will require stablecoin issuers to hold an \u201cappropriate\u201d asset reserve with a qualified custodian.\u00a0<\/p>\n The change does not mean that the CSA is changing its stance on crypto.<\/p>\n \u201cThe fact that an asset satisfies these interim terms and conditions should not be viewed as an endorsement or approval of the asset, nor give any indication that the asset is risk-free,\u201d the CSA warned.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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