OKX Will Cease Operations and Will No Longer Welcome Canadian Users

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Last Updated on March 25, 2023 by Bitfinsider

OKX requested all Canadian users in an email on March 24 to close any open positions in options, perpetual, all margined positions, and futures by June 22, 2023, 12:00 AM EST.

OKX also requested that users withdraw any fiat money or tokens in their accounts before the deadline.

The exchange, on the other hand, assured its Canadian users that their funds would be secure until they withdrew them. Customers can withdraw tokens to self-custody wallets or crypto accounts on other cryptocurrency asset selling platforms, as well as dollars to connected bank accounts.

The business stated that its withdrawal from the Canadian market is a temporary measure to allow regulators to address the problem of “new regulations.”

The business notified its customers via email that services would be discontinued on March 20, 2023.

On February 22, the Canadian Securities Administrators (CSA) issued a notice requesting that all crypto exchange platforms commit to legally binding undertakings while awaiting registration with the agency.

The new rules include “buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins) through crypto contracts without the CSA’s prior written consent.”

However, the adjustments may not have an impact on the stablecoin USD Coin. (USDC). According to the agency, the primary drivers of these reforms are investor security provisions and level-playing-field concerns. Before entering the Canadian market, all bitcoin exchanges must register with regulators.

These laws have resulted in fines for various cryptocurrency exchanges, including Bybit and KuCoin, which were fined millions of dollars by the Ontario Securities Commission (OSC) for onboarding Canadians without registering as compliant platforms in the country.

Crypto asset trading platforms must also provide the CSA with an updated pre-registration undertaking based on the CSA pre-registration undertaking template, as well as execute the systems outlined in the agreement.

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