- Bitstamp plans to resume operations in Canada after a 2024 suspension.
- Bitstamp’s Canadian exit was due to expansion strategies and legal concerns.
- Bitstamp is seeking additional funding to broaden its global operations.
Bitstamp USA’s CEO and global chief commercial officer, Bobby Zagotta, has announced that the cryptocurrency exchange Bitstamp plans to resume its operations in Canada following a suspension that began early in 2024. Bitstamp had declared in an official statement that it would cease providing services to Canadian customers from January 8, 2024.
Furthermore, discontinuing the service will result in the closure of all Bitstamp accounts in Canada, leading to users losing access to their funds. Bitstamp has strongly advised its Canadian users to withdraw their funds and terminate their accounts before the conclusion of January 2024.
The exchange stated:
“We want to emphasize that your crypto assets always remain yours, and we are committed to reaching out to any customers who were unable to close their accounts themselves to ensure the return of their funds.”
Accumulating Resources for Expansion
Zagotta stated that the cessation of Bitstamp’s operations in Canada is mainly due to timing concerns related to the company’s ongoing expansion strategies. He further explained that Bitstamp is exiting the Canadian market to focus on other regions where it can adhere to local laws more efficiently.
As previously mentioned by Zagotta, Bitstamp is committed to serving its global users. Any decisions regarding its operations in specific countries are likely influenced by evolving legal environments and market conditions.
Bitstamp, to broaden its global operations, is reportedly seeking additional funding. However, the exchange has chosen to withdraw from the Canadian market. The platform has been reportedly pursuing new capital since May 2023, aiming to introduce derivatives trading in Europe by 2024 and enhance its services in the UK.
