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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.
By Helene Braun
Updated May 9, 2023, 4:12 a.m. Published Apr 12, 2023, 7:38 p.m.
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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.
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"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.
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