A Timing Issue
Cryptocurrency exchange Bitstamp has announced that it will temporarily discontinue its services in Canada, starting from January 8, 2024. However, Bitstamp U.S. CEO Bobby Zagotta has reassured Canadian customers that the move is primarily a "timing issue" and that the exchange hopes to return to the Canadian market in the future. The decision is part of Bitstamp's strategy to prioritize regions where it can align more effectively with local regulations.
What Canadian Customers Need to Know
With the discontinuation of services, all Bitstamp accounts in Canada will be closed, and customers will no longer have access to their accounts. Bitstamp has strongly advised its Canadian customers to withdraw their funds by January 2024 and deactivate their Bitstamp accounts. The exchange has also assured customers that their crypto assets will remain theirs, and it is committed to assisting any customers who were unable to close their accounts themselves in retrieving their funds.
Global Commitment and Future Plans
Despite the temporary exit from Canada, Bitstamp remains committed to serving its global user base. The exchange's presence in specific countries will depend on evolving regulatory environments and market conditions. Bitstamp is currently focusing on scaling its global operations, raising funds to launch derivatives trading in Europe in 2024 and expanding its services in the United Kingdom.
About Bitstamp
Bitstamp is one of the oldest cryptocurrency exchanges, founded in 2011. The platform serves a large number of countries, including the United States, Singapore, South Korea, and Japan. However, its daily trading volumes, currently around $114 million, are comparatively lower than those of major competitors like Binance, which trades nearly $4 billion per day.
