Blockchain Financial Services Firm Paxos Sets Withdrawal From Canada
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Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University’s business and economic reporting program.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
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 like OKX, dYdX and now Paxos, have decided to depart.
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.
Edited by Stephen Alpher.
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Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University’s business and economic reporting program.
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Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University’s business and economic reporting program.
