Paxos, a fintech firm providing blockchain-based solutions for the global financial industry, has decided to exit the Canadian market. In a statement released to its customers, the company announced that they will no longer be able to transact from their Paxos accounts starting from June 2, but they can withdraw their funds. Paxos will reassess its readiness to re-enter the Canadian market in collaboration with the Ontario Securities Commission (OSC) at a future date. The company assured customers that their funds would remain safe in their accounts, but advised them to withdraw all balances at their earliest convenience. Accounts of customers who have no funds in their possession will be automatically closed on May 9th.
Those with a balance in their Paxos account will still be able to access and withdraw their funds after June 2, but they will not have full access to Paxos’ platform to initiate new trades. Amid recent regulatory changes in Canada targeting cryptocurrency platforms, Paxos has advised its customers to either wire their fiat balances to bank accounts linked to their itBit account or transfer their digital assets to external wallets.
