Bitstamp leaves Canada
Bitstamp leaves Canada
Cryptocurrency exchange Bitstamp has announced its decision to leave the digital asset market in Canada. The platform will cease all operations in the country by January 8, 2024.
"This is not a decision we took lightly, and we thank our Canadian customers for their loyalty over the years," said Bobby Zagotta, CEO of Bitstamp.
We hope to be able to serve Canada again at some point in the future," he added.
Bitstamp clients will have until January 8, 2024, to withdraw funds from their accounts, after which they will have to deactivate their accounts, according to the Blockworks website.
It is worth noting that the Canadian cryptocurrency market has also been abandoned by exchanges such as Binance, Bybit, OKX, Paxos, and dydx since the beginning of the year. Bitstamp did not clearly explain the reason for their departure, but the exchanges that left the Canadian market earlier cited new regulations regarding stablecoins and restrictions for investors as the main reason for their departure.
The Canadian Securities Administrators (CSA) require stablecoin issuers to maintain an adequate asset reserve with a qualified custodian.
Read also: Cyprus intends to tighten cryptocurrency regulation requirements.
