04-13-2023 icon

Paxos to Exit Canada Dur Regulatory Uncertainty

By Lucy Adegbe

Financial technology solutions platform, Paxos, which also focuses on chain-related services for the worldwide finance space, has published its conclusion to exit the Canadian market.

The firm published words notifying users that there will be a halt in processing transactions from individual Paxos accounts from the 2nd of June, nonetheless, the withdrawal option still functions. This action follows as Paxos resumes a review of its readiness to rejoin the Canadian market in alliance with the Ontario Securities Commission (OSC) in the near future.

According to the publication, users’ reserves are kept safe in their various accounts and are shown in their balances, secured by the firm’s terms of service.

However, the firm has instructed users to take out all of their funds from their Paxos accounts as early as possible. Users with no reserve balances will have their accounts automatically shut by May 9.

Also, users with reserve balances in their Paxos accounts are given a deadline of June 2, to take out all of it. Additionally, users will have no complete access to commence new transactions on the platform.

The platform’s conclusion to cease operations in Canada follows a time when Canada has been making moves to create a strict regulatory atmosphere for digital currency protocols.