Seychelles-based Crypto exchange OKX has announced that it would halt operations in Canada by June due to the new regulations.
The announcement was made through an email the platform sent to Canadian users.
OKX will stop offering its services and allowing users to open new accounts in Canada as of March 24.
- Canadian users will need to close open positions and withdraw their funds by June 22.
- The popular crypto exchange said the exit from the Canadian market is temporary and it would work with local regulators to solve the issue.
- In February, the Canadian Securities Administrators (CSA) published a notice requiring crypto exchanges to sign legally-binding commitments while waiting to be registered with the regulatory body.
- The new undertakings include a ban on buying or depositing stablecoins, except for USD Coin (USDC), without receiving a written permit from the CSA.
All crypto exchanges must register with Canadian regulators to operate in the country.
