Gemini has filed a pre-registration undertaking with the Ontario Securities Commission (OSC).
The filing will allow the crypto exchange to continue operating in Canada in compliance with the latest regulations.
The Winklevoss-owned platform joins fellow crypto exchanges Binance and Kraken who also made similar filings recently.
Crypto exchange Gemini has moved to secure its future in Canada by filing the necessary paperwork with one of the country’s top securities regulators. The move comes three weeks after the Canadian Securities Administrators (CSA) laid out new guidelines for crypto asset trading platforms wanting to operate in the country.
Gemini reiterates its commitment to the Canadian market
According to a recent blog post by Gemini, the crypto exchange has filed a pre-registration undertaking with the Ontario Securities Commission (OSC), ahead of its application to register as a restricted dealer in Canada. With this move, the Winklevoss-owned crypto exchange aimed to demonstrate its commitment to Ontario and the broader Canadian market.
“Canada has also been at the forefront of the global crypto fund management space, with publicly traded crypto ETFs being approved and in market since 2021. Gemini is proud to serve as sub-custodian to many Canadian crypto ETFs through our dedicated Fund Solutions business”
Cynthia Del Pozo Garcia, Gemini’s Director of Strategy & Corporate Development
Gemini’s decision to file the undertaking with the OSC comes after the country’s top financial watchdog published a notice last month which listed the prerequisites for crypto asset trading platforms seeking registration in Canada. The new requirements were focused on investor protection following a series of bankruptcies and scandals in the crypto industry over the past year.
The new regulations led to some crypto firms announcing their exit from the Canadian market. This includes DeFi exchange dYdX, OKX, and stablecoin firm Paxos. Other exchanges that filed the pre-registration undertaking with the OSC include Binance and Kraken. Earlier this week, the Winklevoss twins gave a $100 million loan to their crypto exchange after reportedly failing to raise funds from outside investors.