Gemini, the cryptocurrency exchange owned by the Winklevoss twins, has secured its position in the Canadian market by filing for pre-registration with the Ontario Securities Commission (OSC), a state regulator in the country. Once approved, Gemini will become a restricted dealer with the OSC.
Gemini Secures Its Presence in Canada
The registration came as the OSC mandated the registration of all crypto exchanges operating within its jurisdiction. Existing crypto exchanges must pre-register with the regulator while preparing to gain full registration.
"As one of the most important and developed markets in the Americas, Canada has played an essential role in Gemini's international expansion," Cynthia Del Pozo Garcia, Gemini's Director of Strategy and Corporate Development, wrote in a blog post.
Gemini is among several other major crypto exchanges, including Crypto.com and Kraken, that filed for pre-registrations with the Ontario regulator. The Canadian regulator also flagged and fined a few other crypto exchanges for operating without approval.
Recently, Paxos folded its operations in Canada, mentioning it would "assess its readiness to re-enter the Canadian market in cooperation with the OSC at a future date."
Meanwhile, the Canadian Securities Administrators mandated the registration of all cryptocurrency exchanges in the country, the deadline of which has already passed on March 24. Other crypto platforms like OKX and dYdX also exited the Canadian markets.
A Well-Regulated Crypto Exchange
Gemini is a big name in the American crypto industry. It is backed by billionaires Tyler and Cameron Winklevoss, who recently loaned $100 million to the exchange for strengthening operations.
Headquartered in New York, the crypto exchange is planning global expansion on other fronts. Earlier, a media report revealed that Gemini is considering launching an international crypto-derivative exchange. It gained crypto licenses in Italy and Greece, adding to its existing license for Ireland in Europe. In addition, it expanded its European presence by launching services in several other countries.
In the US, Gemini operates with a New York trust license while holding an e-money license from the Financial Conduct Authority in the UK.
"Since its inception eight years ago, Gemini has worked with regulatory stakeholders and lawmakers to help shape thoughtful regulation that fosters both consumer protection and innovation. We will continue to do this work," Garcia added. "We have spent considerable time applying for and becoming licensed, registered, and otherwise regulated in various jurisdictions across the world."
This article was written by Arnab Shome at www.financemagnates.com.
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