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Bitstamp to leave Canada amid regulatory crackdown

bitstamp-to-leave-canada-amid-regulatory-crackdown
Edited by
Follow-up
Bitstamp to leave Canada amid regulatory crackdown

European crypto exchange Bitstamp is leaving the Canadian market, saying it will discontinue its services in Canada starting January 2024.

Cryptocurrency exchange Bitstamp is withdrawing from Canada starting January 2024 as the country imposed stricter rules on crypto companies.

In a commentary to media on Oct. 10, Bitstamp’s U.S. CEO Bobby Zagotta said the exchange will discontinue offering services in Canada “starting Jan. 8, 2024.” While the exact reason for the exit is unknown, Zagotta noted it was “not a decision we took lightly.”

“We hope to be able to serve Canada again at some point in the future.”

Bobby Zagotta, Bitstamp’s U.S. CEO

Bitstamp has become the latest crypto trading platform to leave Canada, following other companies such as Binance, Paxos, DyDx, Bybit, and OKX. The exodus comes after the Canadian Securities Administrators (CSA) set a deadline for crypto businesses to register with the local regulators.

So far, only 12 crypto companies have received authorization to service Canadian users, including Coinsquare, Bitbuy, Coinberry, VirgoCX, Newton Crypto, and Fidelity Digital Asset Services.

Also, 11 firms have filed pre-registration undertakings mandated by the CSA, with Coinbase Canada, Gemini, ByteX Financial, and Payward Canada among such companies.

Meanwhile, Bitstamp is negotiating with major European financial institutions to offer its services. Although the banks were not identified, Zagotta said in a commentary that Bitstamp is in “advanced conversations with three such banks, household name banks in Europe.” In early August 2023, crypto.news reported that Bitstamp began working with Mike Novogratz’s crypto bank Galaxy Digital, seeking funding to expand its presence to the Asian and UK markets.