On March 20, cryptocurrency exchange OKX notified Canadian users via email that the company "will no longer provide services or allow users to open new accounts in Canada starting March 24, 2023 at 12:00 AM EST," The reason is "new regulations". According to OKX, existing Canadian clients have until June 22 to close out their open options, margin, perpetual and futures positions. Fiat currency or tokens must also be withdrawn by that date.
“Until you withdraw your funds, your funds will be held securely in your account. You will be able to withdraw USD to your linked bank account, crypto to your self-custodial wallet or you on another exchange cryptocurrency account.” OKX said its withdrawal from Canada was "temporary" and that it was working with regulators to resolve the issue. "We hope to see you again in the future. Stay tuned," the OKX staff wrote. Previously, cryptocurrency exchange Bittrex Global delisted Canadian users on July 29, 2022 after giving advance notice, and left the country citing regulatory developments.
On Feb. 22, the Canadian Securities Administration (CSA) issued a notice requiring cryptocurrency exchanges to sign new legally binding undertakings while they await registration with the regulator. Among many projects, the new pledge prohibits "the purchase or deposit of value-referenced cryptographic assets (commonly known as stablecoins) through cryptographic contracts without the prior written consent of the CSA," although it appears that the stablecoin USDC unaffected by the ruling.
Currently, all cryptocurrency exchanges are required to register with Canadian regulators before Canadian users can register. On June 22, 2022, cryptocurrency exchanges ByBit and KuCoin were slapped with multimillion-dollar fines after the Ontario Securities Commission determined that both companies were operating as “non-compliant platforms” in the country.
