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OKX’s email said, “We ask that existing Canadian customers close any open positions in perpetuals, futures, options, and all margined positions by June 22, 2023 12:00 am EST. Your funds will remain safe in your account until you withdraw them.”
Crypto exchange OKX announced that it will exit the Canadian market by June 22 after facing issues with the CSA's new regulatory guidelines.
🔔 OKX Exchange To Close Operations In Canada
— Psquare Daily (@pSquare_Daily) March 20, 2023
➡️ OKX emailed Canadian users "we will no longer provide services or allow users to open new accounts in Canada starting on Mar. 24, 2023, 12:00 AM EST, withdraw any fiat or token before 22 June 2022." pic.twitter.com/sOXBsXH636
In the email sent to its clients, OKX said it will stop onboarding new users from Canada after March 24. The firm also requested its Canadian clients to liquidate their open positions and withdraw their assets before June 22.
Earlier in February, the Canadian Securities Administrators (CSA) tightened the regulatory guidelines for crypto exchanges. Under its new rules, crypto exchanges are required to sign a pre-registration commitment by the end of March.
The CSA’s updated guidelines also forbid exchanges from allowing users to purchase or deposit stablecoins without the regulator’s approval. Furthermore, the new regulations prohibit these platforms from providing credit, margin, or leveraged crypto offerings.
OKX claimed that the suspension of services is temporary, noting that it will work with regulators to resolve the problems caused by the new guidelines.