Fintech firm Paxos has recently announced that it has decided to leave the Canadian market. Customers will only be able to withdraw money from their Paxos accounts as of June 2 after the firm issued a statement informing them of the change.
The action is being taken as Paxos continues to determine whether, in collaboration with the Ontario Securities Commission (OSC), it is ready to re-enter the Canadian market.
Paxos said that any accounts with no funds in them will be instantly closed on May 9. Customers who have a balance in their Paxos account can continue to access and withdraw their money after June 2. They will not have complete access to the Paxos platform, though, so they will not be able to start new trades.
Customers are urged to wire their fiat balances to bank accounts connected to their own “itBit account” or transfer any digital assets they have in their accounts to external wallets.
Although the posting makes no mention of increased regulatory activities, Canada has set a deadline of March 24 for organisations to agree to more stringent guidelines for cryptocurrency exchanges operating there. While some exchanges, like Coinbase and Gemini, have said they would continue operating in Canada, others including OKX, dYdX, and Paxos, have made the decision to leave.
