Cryptocurrency Exchange Bitstamp to Exit Canadian Market
Cryptocurrency exchange Bitstamp is set to halt its operations in Canada starting from January 8, 2024. Bitstamp USA CEO and global chief commercial officer Bobby Zagotta confirmed the news, stating that the decision is primarily due to the company’s current expansion priorities. As a result, all Bitstamp accounts in Canada will be closed, and customers are advised to withdraw their funds by January 2024.
Bitstamp reassured customers that their crypto assets will always remain theirs, and the exchange is committed to ensuring the return of funds for any customers who were unable to close their accounts themselves. However, Bitstamp hopes to return to the Canadian market in the future when it can allocate resources and meet new regulations.
Bitstamp’s Global Expansion Plans
Despite exiting the Canadian market, Bitstamp remains dedicated to serving its global user base. The exchange’s presence in specific countries will depend on evolving regulatory environments and market conditions. Meanwhile, Bitstamp is reportedly raising funds to scale its global operations.
The platform aims to launch derivatives trading in Europe in 2024 and expand its services in the United Kingdom. Founded in 2011, Bitstamp is one of the world’s oldest cryptocurrency exchanges and currently serves numerous countries worldwide.
Current Trading Volumes
According to data from CoinGecko, Bitstamp’s daily trading volumes are around $114 million at present. While this figure is significantly lower than major competitors like Binance, which trades nearly $4 billion per day, Bitstamp remains a well-established player in the crypto industry.
Hot Take: Bitstamp Bids Farewell to Canada for Now
Bitstamp’s decision to exit the Canadian market reflects its strategic focus on expansion priorities and aligning with local regulations. Although Bitstamp is temporarily withdrawing from Canada, the exchange’s commitment to its global user base remains unwavering. Bitstamp hopes to return to the Canadian market in the future when it can dedicate the necessary resources and meet regulatory requirements. Meanwhile, the platform continues to raise funds for its global operations, including derivatives trading in Europe and expanding services in the United Kingdom.
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