Share this article

Blockchain Financial Services Firm Paxos Sets Withdrawal From Canada

The company joins others that have decided to depart from the country in the face of increased regulatory requirements.

Updated May 9, 2023, 4:12 a.m. Published Apr 12, 2023, 7:38 p.m.
Paxos CEO Charles Cascarilla (Danny Nelson/CoinDesk)
Paxos CEO Charles Cascarilla (Danny Nelson/CoinDesk)

Paxos, whose businesses include crypto brokerage and stablecoin issuance, is exiting the Canadian market, effective June 2, according to a posting on its website.

While the posting doesn’t mention boosted regulatory efforts, Canada did set a March 24 deadline for entities to commit to stricter requirements for crypto exchanges with a presence in the country. Some exchanges, including Coinbase and Gemini, have said they will remain active in Canada, while others such as OKX, dYdX and now Paxos, have decided to depart.

STORY CONTINUES BELOW
Não perca outra história.Inscreva-se na Newsletter Crypto Daybook Americas hoje. Ver Todas as Newsletters

"While our platform will no longer support Canadian customers in the immediate term, we will reassess our presence in this region in partnership with our clients' evolving needs," a spokesperson told CoinDesk.

Any accounts with no funds in them will be automatically shuttered on May 9, said Paxos, while all other accounts will be disabled on June 2.

UPDATE (April 12, 20:13 UTC): Adds comment from a Paxos spokesperson.

Mais para você

Image overlay test seven

ETH's price chart. (TradingView/CoinDesk)

Dek: Image overlay test seven