Following the implementation of new crypto rules in Canada, cryptocurrency and derivatives exchange OKX is planning to leave the country.
OKX is planning to leave Canada
Existing Canadian users must liquidate open positions in perpetual, options, futures, and margin by June 22 and withdraw cash or tokens, according to a letter from the exchange to clients.
In addition, OKX claims that as of 24 March, company would no longer offer services or permit Canadian consumers to register new accounts.
Despite the announcement, OKX, the second-largest cryptocurrency exchange by trading volume, claims the change is just "temporary" and that it is being resolved in conjunction with regulators.
"Until you request a withdrawal, your money will be kept secure in your account. This will enable you toWithdraw cash from your associated bank account in dollars and bitcoins from your wallet or another exchange, according to the email.
The investor protections that the Canadian Securities Administrators (CSA) , which oversees the country's capital markets, have set forth for bitcoin trading platforms functioning there since last month.
According to the CSA, cryptocurrency exchanges must have improved safeguards for the custody and segregation of cryptocurrency assets for Canadian clients and are forbidden from providing leverage in the form of margin, credit, or other means. Before accepting customers in Canada, all bitcoin exchanges are required to register with the local authorities.