Paxos, a cryptocurrency company known for issuing stablecoins and also operating a crypto brokerage, is exiting the Canadian market entirely on June 2, the company confirmed in an official announcement.
“As of June 2, you will no longer be able to transact from your Paxos account, other than withdraw your funds,” Paxos said.
Although the company did not cite any reason behind the sudden move, new Canadian laws for cryptocurrency businesses may have played a role. The Canadian Securities Administrators (CSA) issued an order in February requiring all crypto companies to register before the March 24 deadline. The Ontario Securities Commission (OSC) is another hardline state regulator in the country that requires regulatory approval.
“Paxos will continue to assess its ability to re-enter the Canadian market in cooperation with the OSC at a later date,” the blockchain company added.
Prior to Paxos, a few other crypto exchanges, including OKX and dYdX, also closed Canadian operations. Regulators have also banned a few non-compliant crypto exchanges in the country. However, most major exchanges like Gemini, Coinbase, and Kraken have taken the regulatory route to remain operational in Canada.
Paxos asks Canadians to withdraw funds
Paxos said it will close Canadian accounts with no balances on May 9, while accounts with balances will have time until June 2.
“If your Paxos account currently contains no funds, your account will be automatically closed on May 9. If you maintain a balance in your Paxos account, we ask that you withdraw all balances from your account as soon as possible. From June 2 , your account will be deactivated. At that time, you will still be able to access and withdraw your funds; however, you will not have full access to the Paxos platform to initiate new transactions,” Paxos said. .
“You will still be able to access your funds after the deadline, but there will be an additional process and longer waiting periods.”
New Canadian Center for the Investigation of Cryptographic Crimes
Meanwhile, the police department in the Canadian city of Calgary recently partnered with blockchain data platform Chainalysis to crack down on cryptocurrency crime. Calgary police have also created a new unit for crypto and blockchain investigations.
Calgary police have turned their focus to crypto crimes after receiving reports of $13.9 million in cryptocurrency-related crime losses last year and another $3.2 million so far. now this year.
“It’s because a lot of people think, and a lot of individuals and businesses think, ‘well, there’s not much to do,'” Calgary Police Chief Mark Neufeld.
Paxos, a cryptocurrency company known for issuing stablecoins and also operating a crypto brokerage, is exiting the Canadian market entirely on June 2, the company confirmed in an official announcement.
“As of June 2, you will no longer be able to transact from your Paxos account, other than withdraw your funds,” Paxos said.
Although the company did not cite any reason behind the sudden move, new Canadian laws for cryptocurrency businesses may have played a role. The Canadian Securities Administrators (CSA) issued an order in February requiring all crypto companies to register before the March 24 deadline. The Ontario Securities Commission (OSC) is another hardline state regulator in the country that requires regulatory approval.
“Paxos will continue to assess its ability to re-enter the Canadian market in cooperation with the OSC at a later date,” the blockchain company added.
Prior to Paxos, a few other crypto exchanges, including OKX and dYdX, also closed Canadian operations. Regulators have also banned a few non-compliant crypto exchanges in the country. However, most major exchanges like Gemini, Coinbase, and Kraken have taken the regulatory route to remain operational in Canada.
Paxos asks Canadians to withdraw funds
Paxos said it will close Canadian accounts with no balances on May 9, while accounts with balances will have time until June 2.
“If your Paxos account currently contains no funds, your account will be automatically closed on May 9. If you maintain a balance in your Paxos account, we ask that you withdraw all balances from your account as soon as possible. From June 2 , your account will be deactivated. At that time, you will still be able to access and withdraw your funds; however, you will not have full access to the Paxos platform to initiate new transactions,” Paxos said. .
“You will still be able to access your funds after the deadline, but there will be an additional process and longer waiting periods.”
New Canadian Center for the Investigation of Cryptographic Crimes
Meanwhile, the police department in the Canadian city of Calgary recently partnered with blockchain data platform Chainalysis to crack down on cryptocurrency crime. Calgary police have also created a new unit for crypto and blockchain investigations.
Calgary police have turned their focus to crypto crimes after receiving reports of $13.9 million in cryptocurrency-related crime losses last year and another $3.2 million so far. now this year.
“It’s because a lot of people think, and a lot of individuals and businesses think, ‘well, there’s not much to do,'” Calgary Police Chief Mark Neufeld.