In an official announcement, the company confirmed that Paxos, a cryptocurrency firm known for issuing stablecoins and also operating crypto brokerages, is fully exiting the Canadian market on June 2.
“As of June 2nd, you will no longer be able to transact from your Paxos account, except to withdraw your funds,” Paxos stated.
Although the company did not give any reason behind the sudden move, new Canadian laws for cryptocurrency companies 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 stringent regulator in the country that requires a regulatory mandate.
“Paxos will continue to assess its willingness to re-enter the Canadian market in collaboration with OSC at a future date,” the blockchain company added.
Before Paxos, some other crypto exchanges, including OKX and dYdX, closed Canadian operations. The regulators have also banned a few non-compliant cryptocurrency exchanges in the country. However, most of the major exchanges like Gemini, Coinbase, and Kraken have taken the regulatory path to stay operational in Canada.
Paxos is asking Canadians to withdraw money
Paxos has indicated that it will close Canadian accounts without any balance on May 9, while accounts with balances will have time until June 2.
If your Paxos account does not currently hold funds, your account will be automatically closed on May 9th. If you hold a balance in your Paxos account, we ask that you withdraw all balances from your account at your earliest convenience. Starting June 2nd, your account will be closed. Disable it. 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 trades,” Paxos stated.
“You will still be able to access your funds after the deadline, but there will be an additional process and longer waiting times.”
New Canadian Investigation Center for Crypto Crimes
Meanwhile, the police department in the Canadian city of Calgary recently partnered with blockchain data platform Chainalysis to combat cryptocurrency crime. Calgary Police has also set up a new crypto and blockchain investigations unit.
Calgary Police has stepped up its focus on crypto crime after receiving reports of $13.9 million in losses in cryptocurrency-related crimes last year and an additional $3.2 million so far this year.
“It’s because a lot of people think, and a lot of individuals and businesses feel, ‘Okay, there’s not much that can be done,'” Calgary Police Chief Mark Neufeld said.
In an official announcement, the company confirmed that Paxos, a cryptocurrency firm known for issuing stablecoins and also operating crypto brokerages, is fully exiting the Canadian market on June 2.
“As of June 2nd, you will no longer be able to transact from your Paxos account, except to withdraw your funds,” Paxos stated.
Although the company did not give any reason behind the sudden move, new Canadian laws for cryptocurrency companies 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 stringent regulator in the country that requires a regulatory mandate.
“Paxos will continue to assess its willingness to re-enter the Canadian market in collaboration with OSC at a future date,” the blockchain company added.
Before Paxos, some other crypto exchanges, including OKX and dYdX, closed Canadian operations. The regulators have also banned a few non-compliant cryptocurrency exchanges in the country. However, most of the major exchanges like Gemini, Coinbase, and Kraken have taken the regulatory path to stay operational in Canada.
Paxos is asking Canadians to withdraw money
Paxos has indicated that it will close Canadian accounts without any balance on May 9, while accounts with balances will have time until June 2.
If your Paxos account does not currently hold funds, your account will be automatically closed on May 9th. If you hold a balance in your Paxos account, we ask that you withdraw all balances from your account at your earliest convenience. Starting June 2nd, your account will be closed. Disable it. 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 trades,” Paxos stated.
“You will still be able to access your funds after the deadline, but there will be an additional process and longer waiting times.”
New Canadian Investigation Center for Crypto Crimes
Meanwhile, the police department in the Canadian city of Calgary recently partnered with blockchain data platform Chainalysis to combat cryptocurrency crime. Calgary Police has also set up a new crypto and blockchain investigations unit.
Calgary Police has stepped up its focus on crypto crime after receiving reports of $13.9 million in losses in cryptocurrency-related crimes last year and an additional $3.2 million so far this year.
“It’s because a lot of people think, and a lot of individuals and businesses feel, ‘Okay, there’s not much that can be done,'” Calgary Police Chief Mark Neufeld said.
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