Last Updated on 53 mins by John Piper

Gemini, a leading US-based cryptocurrency exchange, is expanding to Canada, while other cryptocurrency exchanges have stopped operating in the area.

Gemini has announced that it has filed a preregistration undertaking to enter into an agreement with the Ontario Securities Commission. The OSC, which is Ontario’s financial regulator, is responsible for regulating the exchanges. To operate as a legal, restricted cryptocurrency exchange in Canada, the undertaking is required. Pre-registration is required for all cryptocurrency exchanges operating in Canada or wishing to operate there. Cynthia Del Pozo Garcia, Gemini’s director for strategy and corporate development:

“Canada is also a leader in the crypto fund management industry, with crypto ETFs that are publicly traded being approved and on the market since 2021. Gemini is proud that it serves as sub-custodian for many Canadian crypto ETFs via our dedicated fund solutions .”

According to Del Pozo Garcia Gemini has “many” international licenses to legally operate in different countries. These licenses include an E-Money License issued by the Financial Conduct Authority (FCA), in the United Kingdom, and an E-Money License issued by the Central Bank of Ireland. Additionally, state money transmitter licenses are available to allow for operation in certain areas of the United States. Gemini conducts an annual audit of its financial statements in accordance with the licenses. This allows Gemini to operate within the parameters of the New York Department of Financial Services.

Canada’s preregistration undertaking

Canada issued the notice in February that included new regulations. All crypto trading platforms must sign a pre-registration agreement. OKX announced in August that it would be ending operations from Canada by the end of the year. Paxos also announced it would cease operations in the area due to regulatory uncertainty.

Gemini is not the only one who has announced their intention to file the pre-registration undertaking. Binance and Kraken also have this announcement.

Coin Insider’s first article, Crypto exchange Gemini files Canadian preregistration undertaking, appeared first.