On March 20, 2023, OKX, a cryptocurrency exchange, emailed its Canadian users that as per new regulations, it “will no longer provide services or allow users to open new accounts in Canada starting on March 24, 2023, 12:00 AM EST,” states Cointelegraph.
According to Cointelegraph, current Canadian users must conclude open options, perpetual and futures positions by June 22, 2023, along with withdrawal of fiat tokens. “Your funds will remain safe in your account until you withdraw them. You will be able to withdraw dollars to your linked bank account and cryptocurrency to your self-custody wallet or your cryptocurrency account on another exchange,” OKX stated.
Based on information by Cointelegraph, OKX mentioned that its Canadian withdrawal is “temporary,” and that it intends to mend the problem with regulators. “We hope to see you again in the future. Stay tuned,” OKX staff highlighted.
Moreover, Cointelegraph noted that on February 22, 2023, Canadian Securities Administrators (CSA) presented a notice around crypto exchanges requiring to sign new, legally binding documents while awaiting registration with the regulatory authorities.
(With insights from Cointelegraph)