Paxos Eyes Canada Withdrawal ByLockridge OkothPRO INVESTOR Updated: 13 April 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Paxos, a renowned cryptocurrency trading company will no longer offer its services to Canada. The news first broke in a support post from the company on April 11. In the post, Paxos reveals plans to shut down its Canadian accounts that bear no funds (empty or unfunded) by May 9, 2023. Further, the trading firm committed to stopping all Canadian accounts from transacting beginning June 2, of the same year. Nevertheless, customers will still be able to make withdrawals even after the deadline but should expect delays, and longer waiting periods, among other challenges. The decision to wind down Canadian operations comes amid new regulations in the country. Based on the recent demands, regulators want cryptocurrency services to separate Canadian customer funds and avoid offering certain services entirely. Besides Paxos, other exchanges that will be closing down shops include dYdX, Blockchain.com, and OKX. Still, others believe they can very well survive the country through compliance and adherence to the rules. They include Coinbase, Kraken, and Crypto.com Paxos Could Avoid Canadian Regulations, But What About The U.S.? It is worth mentioning that besides Canada, even the United States has Paxos in the spotlight. The crypto trading firm is facing regulatory challenges in the U.S. as well after the New York Department of Financial Services (NYDFS) forced Paxos to discontinue its Binance USD (BUSD) stablecoin in February. Furthermore, Paxos also witnessed the expiry of its bank charter application on March 31. This suggests that the trading firm is facing regulatory obstacles up ahead in one or multiple of its planned services. Paxos Canadian Shutdown Not Permanent Despite the concerning news, there is still light at the end of the tunnel. According to Paxos, the company would consider resuming operations in Canada later if it manages to adhere to the regulations. Nevertheless, in a related email, the trading firm made a simple declaration that it “will no longer support customers in Canada moving forward.” Related: 16 Best Bitcoin Casinos Canada – Compare Crypto Casino Bonuses in CA Canada’s upgraded crypto rulebook does not leave much room for stablecoins Hong Kong’s ZA Bank Offers Crypto Conversions, Accounts in City’s Push Love Hate Inu - Newest Meme Coin Rating Decentralized Polling - Vote to Earn Doxxed Team - CEO Carl Dawkins Featured in Yahoo Finance, Bitcoinist Mint Memes of Survey Results as NFTs OKX Listing May 19 Learn More Join Our Telegram channel to stay up to date on breaking news coverage