On April 12, cryptocurrency exchange Gemini announced it filed a pre-registration undertaking with the Ontario Securities Commission, which oversees capital markets in Canada's most populous province. The undertaking is a prerequisite to becoming a restricted dealer in Canada and is necessary for all cryptocurrency exchanges wishing to conduct business in the country. Cynthia Del Pozo Garcia, Gemini's director of strategy and corporate development, wrote:

“As one of the most important and developed markets in the Americas, Canada has played an essential role in Gemini's international expansion.“

On Feb. 22, the Canadian Securities Administrators (CSA) published a notice requiring all crypto asset trading platforms to sign a legally binding pre-registration undertaking to continue operating in the country. Among many restrictions, exchanges will be prohibited from allowing Canadian clients to buy or deposit stablecoins without prior approval from the CSA. The notice read, in part:

“In light of recent insolvencies involving a number of CTPs, including Voyager Digital, Celsius Network, the FTX group of companies, BlockFi and Genesis Global (collectively recent CTP insolvency events), we are introducing important new investor protection provisions into the standard form of PRU.“

Since the new regulations took effect, cryptocurrency exchange OKX has announced it would cease operations in Canada by June 2023. Meanwhile, fintech company Paxos said it would withdraw from Canada, citing regulatory uncertainty. Binance and Kraken have since stated that they filed the pre-registration undertaking required to continue operations in the country.