• OKX will stop operation in Canada in June 2023.
• The trade has already despatched an off-boarding message despatched to Canadian OKX customers.
• Canadians won’t be able to open new OKX accounts beginning on March 24, 2023.

The value of OKB, the native token of the OKX crypto trade has dipped by nearly 6% after the crypto trade revealed that it will likely be ceasing operations in Canada in three months’ time.

At press time, the OKB token was buying and selling at $46.01 after a 5.89% drop up to now 24 hours. The token has been on a pointy decline since Saturday, March 18, 2023, dropping from a excessive of $51.42 to its present value.

OKX to stop operations in Canada

A communication made right now by OKX has indicated that the crypto trade will stop operation in Canada on June 22, 2023.

OKX made the communication through emails to their Canadian customers. The e-mail states that the trade “will not present companies or enable customers to open new accounts in Canada beginning on Mar. 24, 2023, 12:00 AM EST.”

OKX cited new laws for the choice to withdraw from the nation. Current Canadian prospects should shut open positions in perpetual, futures choices, and margins by June 22, 2023.  The shoppers should additionally withdraw their Fiat and token deposits by the identical date.

The trade acknowledged:

“Your funds will stay protected in your account till you withdraw them. It is possible for you to to withdraw {dollars} to your linked checking account and cryptocurrency to your self-custody pockets or your cryptocurrency account on one other trade.”

OKX nonetheless says that the transfer to exit the Canadian market is short-term as it really works with regulators to unravel the difficulty. OKX wrote saying: “We hope to see you once more sooner or later. Keep tuned.”

OKX isn’t the primary crypto trade to exit Canada. Bittrex International off-boarded Canadian customers on July 29, 2022, after an analogous advance discover citing regulatory points.

Canadian crypto laws

On February 22, 2023, the Canadian Securities Directors (CSA) revealed a discover requiring cryptocurrency exchanges to signal new, legally-binding agreements whereas they await registration with the regulatory. The settlement prohibits “shopping for or depositing Worth Referenced Crypto Property (generally known as stablecoins) by crypto contracts with out the prior written consent of the CSA” amongst many different gadgets.

All cryptocurrency exchanges should register with Canadian regulators earlier than onboarding Canadian customers. KuCoin and Bybit have been fined in June final yr for allegedly working within the nation with out cooperating with the requirement.

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