Cryptocurrency exchange Bitstamp hopes to return to Canada after ceasing operations early next year, said Bobby Zagotta, CEO and global chief commercial officer of Bitstamp USA.
Bitstamp confirmed in a statement to Cointelegraph that the exchange will officially stop providing services to Canadian customers starting January 8, 2024.
Due to the termination of service, all Canadian accounts on Bitstamp will be closed and customers will no longer be able to access their accounts. Bitstamp strongly advises its Canadian customers to withdraw funds before January 2024 and urges customers to deactivate their Bitstamp accounts.
Bitstamp noted: “We would like to emphasize that your crypto assets are always yours and we are committed to contacting any customers who are unable to close their accounts on their own to ensure their funds are returned.”
Zagotta told Cointelegraph that Bitstamp’s decision to cease operations in Canada is “primarily a matter of timing” and related to the company’s current expansion priorities. He said the exchange is exiting the Canadian market to refocus on regions where Bitstamp can “more effectively” align with local regulations, adding:
“We hope to be able to serve this market in the future; however, currently we are unable to prioritize our efforts and allocate the necessary resources to meet the requirements of the new regulations.”
Zagotta emphasized that Bitstamp remains committed to serving its global user base and that any decisions regarding its operations in specific countries may depend on the changing regulatory environment and market conditions.
Bitstamp’s exit from Canada comes as the exchange is reportedly raising funds to expand its global operations. The platform has reportedly been working since May 2023 to secure new capital in order to launch derivatives trading in Europe in 2024 and expand services in the UK.
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Founded in 2011, Bitstamp is one of the longest-running cryptocurrency exchanges in the world. according to According to the Bitstamp website, as of this writing, the platform serves a number of countries, including the United States, Singapore, South Korea, Japan, and more.
according to As of publication, Bistamp’s daily trading volume is approximately $114 million, according to CoinGecko. These trading volumes are significantly lower than those reported by major competitors such as Binance, which has a daily trading volume of nearly $4 billion, according to data from CoinGecko.
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