Bitstamp CEO, Bobby Zagota, announced that the company will stop providing its services to customers in Canada.
The decision is scheduled to take effect on January 8, 2024, and comes after Bitstamp informed its Canadian customers of the impending change in March.
Bitstamp exits the Canadian market
Bobby Zagota, US CEO and Global Chief Commercial Officer of Bitstamp, issued a statement regarding the development. He expressed the company’s gratitude to its Canadian customers and the difficulty of the decision, stressing that this was a step that was not taken lightly.
“After initially informing our valued customers in March, Bitstamp will officially cease providing its services to customers in Canada effective January 8, 2024,” Zagota said in his statement.
“As a result, all accounts in Canada will be closed, and customers will no longer be able to access their accounts,” he added.
This news comes as Bitstamp recently suspended certain services, such as Ethereum staking, in the US as a result of regulatory actions targeting certain cryptocurrencies.
Bitstamp hopes to return to Canada
Bitstamp also expressed its hope to return to the Canadian market in the future. “We did not make this decision lightly, and we thank our Canadian customers for their loyalty over the years. We hope to be able to serve Canada again at some point in the future,” Zagota stated.
Meanwhile, the reasons behind Bitstamp’s withdrawal from the Canadian market remain unclear. Canadian exchange customers are urged to follow the instructions provided to withdraw their funds and deactivate their accounts before the January 8, 2024 deadline.
Bitstamp is the latest exchange to withdraw from the Canadian market, joining Binance and Bybit in doing so. Before that, OKX, Paxos and DYDX also left earlier in the year.
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