Cryptocurrency broker and stablecoin issuer Paxos asks users to withdraw the balance from their accounts, as from June 2, all accounts of Canadian citizens will be disabled. The company also reported the shutdown of accounts with missing funds on May 9.
Earlier, the Government of Canada decided to bring all crypto exchanges in the country into compliance with new, stricter legislative requirements by March 24. At the same time, the requirements for obtaining a license for cryptocurrency activities are significantly tightened in the country.
According to the new rules, all platforms of cryptocurrencies and digital assets will be obliged to separate client and own assets. The possibility of providing margin trading services, as well as the use of leverage instruments, also falls under the ban.
Despite the announcement of withdrawal from the Canadian market, Paxos representatives do not rule out a revision of this decision and look forward positively to their future presence in the country.