Bitstamp’s CEO, Bobby Zagotta, announced that the firm will be discontinuing its services to customers in Canada.
The decision is set to take effect on January 8, 2024, and comes after Bitstamp informed its Canadian customers of the impending change back in March.
Bitstamp to Exit the Canadian Market
Bobby Zagotta, the U.S. CEO and Global Chief Commercial Officer at Bitstamp, issued a statement regarding the development. He expressed the company’s gratitude towards its Canadian customers and the difficulty of the decision, emphasizing that this was not a step taken lightly.
In his statement, Zagotta said, “After initially informing our valued customers in March, Bitstamp will officially discontinue its services to customers in Canada starting January 8, 2024,”
He added, “As a result, all Canada accounts will be closed, and customers will no longer have access to their accounts.”
This news comes while Bitstamp recently suspended specific services, such as Ethereum staking, in the United States as a result of regulatory actions targeting particular cryptocurrencies.
Bitstamp’s Hope to Return to Canada
Bitstamp has also expressed its hope to return to the Canadian market in the future. Zagotta stated, “This is not a decision we took 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.”
Meanwhile, the reasons behind Bitstamp’s withdrawal from the Canadian market remain unclear. Canadian customers of the exchange are urged to follow the provided instructions for withdrawing their funds and deactivating their accounts before the January 8, 2024 deadline.
Bitstamp is the most recent exchange to withdraw from the Canadian market, joining Binance and Bybit in doing so. Prior to this, OKX, Paxos, and DYDX had also departed earlier in the year.