There’s never a dull moment in crypto, and recent developments have seen two major exchanges, Gemini and KuCoin, exit critical markets. As of today, Gemini has announced its departure from Canada, while KuCoin is pulling out of the Netherlands. These decisions are directly tied to increasingly strict regulatory measures introduced by authorities in each country.
Let’s take a closer look at why these exits are happening and which crypto exchanges are the best alternatives for traders in both Canada and the Netherlands.
Key Takeaways:
- Gemini will close all Canadian accounts by December 31, 2024, due to stricter regulations by the CSA.
- KuCoin will stop accepting new users in the Netherlands starting September 30, 2024, as it exits under pressure from the DNB.
- To provide you with alternate options for crypto trading, we explored best Gemini alternatives in Canada, and top KuCoin alternatives in Netherlands.
Why Is Gemini Exiting Canada?
Gemini’s decision to leave Canada comes after the Canadian Securities Administrators (CSA) ramped up its regulatory oversight of crypto platforms. As of December 31, 2024, Gemini will officially close all Canadian customer accounts, following a notification sent to users on September 30. The exchange gave its users a 90-day window to withdraw all their funds before the closure.
The main catalyst for this exit is Canada’s newly introduced regulatory framework for cryptocurrency exchanges. In February 2024, the CSA announced that all crypto platforms must sign a Pre-Registration Undertaking (PRU) to continue operations. This PRU comes with several restrictive measures, including a prohibition on trading certain assets like stablecoins without explicit approval from the CSA. Although Gemini initially complied by filing its PRU, the exchange ultimately decided that continuing operations under these strict guidelines was no longer feasible.
Canada’s regulatory tightening follows several high-profile collapses in the crypto world, such as FTX and Voyager Digital, pushing the CSA to enact stronger investor protection measures. In a notice, the CSA stressed that even compliant exchanges must adhere to new rules that limit the offering of stablecoins and other potentially volatile assets. These rules aim to shield Canadian investors from the financial fallout seen in previous crypto crashes.
Best Alternative Exchanges for Canadian Traders
With Gemini’s exit, Canadian crypto traders will need to seek new platforms that comply with local regulations. Fortunately, several exchanges are still operational.
1. HTX
HTX is one of our favorite exchanges for day trading, and its vast number of options and features will satisfy even the most demanding traders. Of course, derivatives trading and staking will be restricted to Canadians, but that will be the case with every other exchange where KYC is mandatory. Nevertheless, for fiat deposits or withdrawals and easy spot trading in Canada, HTX is an excellent choice.
2. BitMart
BitMart is not the most popular exchange, but the Cexfinder review team really likes it for a wide variety or reasons. For Canadian crypto investors BitMart offers a solid and safe alternative.
3. KuCoin
KuCoin may be leaving the Dutch market (details below), but it is still available to users in Canada. This is a major player in the crypto trading game, and its years of experience with plenty of features make it one of the best alternate exchanges for day traders or long-term investors.
4. Bitget
Bitget is a well known exchange in the market, offering plenty of features in a user-friendly interface. Decent signup bonuses and altcoin selection make it a viable choice for Canadians.
5. Coinbase
Coinbase has strengthened its Canadian presence in 2024, even as other major exchanges like Binance exited the market. The exchange introduced a CAD-pegged stablecoin and has secured the required licenses to operate legally in Canada. Coinbase offers a highly secure and user-friendly platform, making it a great alternative for Gemini users if all they need is a simple fiat gateway.
6. Kraken
Kraken is another globally recognized exchange that continues to operate in Canada. Known for its strong security protocols, Kraken complies with all local regulations, including the removal of Tether (USDT) from its Canadian offering. The platform provides access to a wide range of digital assets and features competitive fees.
7. Bitrue
Another crypto trading platform available in Canada that often gets undeservedly overlooked is Bitrue, but its myriad of options and easy execution of trades make it worth considering.
8. Bitbuy
For Canadian traders looking for a homegrown option, Bitbuy is a solid alternative. Licensed by Canadian authorities, Bitbuy offers a safe and easy-to-use platform for both beginners and experienced traders. It supports a variety of cryptocurrencies and is fully compliant with the CSA’s new rules, making it a reliable choice for Canadian investors.
Bitbuy is not one of the top exchanges reviewed by our team, but we included it because our Canadian trading buddies have mentioned it as a good alternative.
These aren’t even the only options. Our full list contains 20 different exchanges available in Canada, so feel free to explore other options to find the best Gemini alternatives. Don’t miss using our “Fiat Withdraw”, “Bank Transfer Deposits” or “Bank Card Deposits” filters to narrow down the list based on your needs.
For experienced traders looking to trade with leverage in Canada, the best option still remains to use a no-KYC exchange to avoid identity verification. We always recommend our community to use regulated exchanges which do not restrict customers from their jurisdictions.
Why Is KuCoin Leaving Netherlands?
KuCoin, another major player in the global crypto market, is set to exit the Netherlands due to increasing pressure from the De Nederlandsche Bank (DNB) and the Dutch government. Starting on September 30, 2024, new users from the Netherlands will no longer be able to sign up for the platform. Additionally, existing Dutch users who haven’t completed the Know Your Customer (KYC) process by this date will lose access to their accounts.
This move is part of a broader trend where the Dutch authorities are tightening crypto regulations in response to concerns about money laundering and consumer protection. The DNB has imposed strict anti-money laundering (AML) and counter-terrorism financing (CTF) measures that all crypto platforms must follow. Platforms that fail to meet these criteria, such as not ensuring comprehensive KYC checks, face regulatory pressure to either comply or cease operations in the country.
KuCoin’s departure follows similar exits by other major exchanges, such as Binance, which also halted services in the Netherlands after failing to meet the stringent DNB requirements. The Dutch government has adopted a hardline stance on regulating the crypto industry, making it increasingly difficult for exchanges to operate without adhering to a myriad of legal obligations.
Best Alternative Exchanges for Dutch Traders
Dutch crypto traders who used KuCoin now need to find alternative exchanges that are fully compliant with the DNB’s regulations. Fortunately, our website has a list of over 20 trusted alternatives still available. Here’s a few we recommend as best KuCoin alternatives in Netherlands.
1. Bybit
It’s a hard choice between Bybit and HTX, but due to an endless stream of excellent and profitable promo campaigns lately we are leaning towards recommending Bybit as the best choice for crypto trading in Netherlands. Bybit has slightly higher fees compared to HTX, but its huge signup bonuses and other benefits make it worth a try for anyone looking for a reliable, safe, long-term option.
2. HTX
When it comes to trading, HTX is still one of the best choices. This excellent exchange with a ton of features is still available to Dutch traders, and offers simple deposits, withdrawals, and spot trading. With Cexfinder’s 20% trading fee discount, you will likely find HTX one of the cheapest exchanges to use.
3. BitMart
Same reasons why BitMart is great for Canadian users make it a good alternative to KuCoin in Netherlands. Easy deposits, withdrawals and trading plus a large altcoin selection can be more than enough for most traders.
4. WhiteBIT
WhiteBIT is a reliable European-based exchange that has plenty of options for trading, deposits and withdrawals. Although it often gets overlooked, WhiteBIT’s pleasant interface and solid reputation make it a worthwhile contender for trading in Netherlands.
5. Bitfinex
Bitfinex has been operational for well over a decade, offering reliable crypto trading services. It does not have a massive selection of altcoins or other financial options, but Bitfinex’s high safety and very customizable interface should make you consider making it your trading home.
6. Kraken
Kraken remains a solid option for Dutch traders, offering full compliance with the DNB’s regulations. The platform is known for its robust security features and wide variety of supported digital assets. It also adheres to strict KYC and AML guidelines, making it a trusted choice for Dutch investors.
7. Bitvavo
For a more localized option, Bitvavo is a great choice for Dutch traders. Headquartered in the Netherlands, Bitvavo is fully compliant with Dutch regulations and offers low fees for buying, selling, and storing digital assets. The exchange is a reliable alternative for anyone looking for a secure platform that operates within the local regulatory framework.
Bitvavo is not reviewed by our team at this point, but we heard good things.
8. Coinbase
Like in Canada, Coinbase also operates in the Netherlands and meets the country’s strict regulatory requirements. Known for its user-friendly interface and excellent security, Coinbase offers a seamless trading experience. Its compliance with local regulations makes it a suitable replacement for KuCoin users in the Netherlands. Tradeoff is that it comes with high trading fees, but it can be an option for those looking for safest and regulated option.
Keep in mind that KuCoin will continue to service existing Dutch traders for the time being. Users with previously registered and KYCd accounts will still be able to use KuCoin’s services, and no end date has been provided at this point. However, it’s best to be prepared and look for reliable alternatives in advance.
Netherlands users who want to do derivatives trading will also find the exchanges listed above lacking, as they will restrict leveraged futures trading due to local regulations. Similarly to Canada, Dutch traders have been known to use exchanges with optional ID verification to bypass any trading or staking restrictions.
It’s always best to find exchanges available in Netherlands legally, so go through our list to find a greater number of KuCoin alternatives.
What’s Driving These Regulatory Changes?
Both Canada and the Netherlands have ramped up crypto regulations in response to increasing concerns about market volatility and investor protection. Authorities in both countries are working to shield investors from the risks associated with the crypto market, such as fraud, market manipulation, and exchange insolvencies. High-profile crypto failures, including FTX, have pushed regulators to implement stricter controls.
In Canada, the CSA’s stablecoin restrictions and the mandatory PRU filings are designed to provide greater oversight of crypto assets, which are often viewed as too speculative. Similarly, in the Netherlands, the DNB has been laser-focused on ensuring crypto platforms comply with AML and CTF laws, which has led to the exit of several non-compliant exchanges.
These changes highlight a growing trend across the world, where governments are stepping in to regulate the once largely unregulated crypto market.
Act Now: Move to a Compliant Exchange
If you are affected by Gemini’s exit from Canada or KuCoin’s departure from the Netherlands, it’s essential to act quickly to ensure the safety of your assets. Take advantage of the compliant exchanges still operating in your country and continue your crypto trading journey without disruption.
We hope our list of alternative exchanges in these markets provides you with some ideas on where to move your trading funds. Those looking for fiat gateways can explore safest and most regulated options such as Kraken or Coinbase. Others who plan on making occasional spot trades and want cheaper fees or other features such as ATM cards can still find a large number of replacement exchanges to Gemini or KuCoin.
Make sure to transfer your funds before these deadlines and continue trading on a secure, compliant platform!
