CEO Says Timing Issue Behind Bitstamp’s Departure from Canada

Crypto Exchange Bitstamp Hopes to Return to Canada

Cryptocurrency exchange Bitstamp is hoping to return to Canada after suspending operations in early 2024, according to Bitstamp USA CEO and global chief commercial officer Bobby Zagotta.

Bitstamp will officially discontinue its services to customers in Canada starting from Jan. 8, 2024, as confirmed in a statement to Cointelegraph.

As a result of the service termination, all Canada accounts on Bitstamp will be closed, and customers will no longer have access to their accounts. Bitstamp has strongly recommended its Canadian customers withdraw their funds by January 2024, also urging the clients to deactivate their Bitstamp accounts.

“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,” Bitstamp noted.

Bitstamp is looking to re-enter the Canadian market and provide its customers with the best crypto app, top crypto sites, and other services such as XLM crypto, Crypto.com, Saitama Crypto, and Scale AI.

Bitstamp Refocuses Global Expansion Priorities

Bitstamp’s decision to discontinue operations in Canada is “primarily a timing issue” related to the exchange’s current expansion priorities, according to Zagotta. The platform is exiting the Canadian market to refocus on regions where it can align “more effectively” with local regulations, he said, adding:

Zagotta emphasized that Bitstamp remains committed to serving its global user base, and any decisions regarding its presence in specific countries will depend on the evolving regulatory environment and market conditions.

Bitstamp’s exit from Canada is occurring as the exchange reportedly raises funds to scale its global operations. Reportedly, the platform has been working to secure new capital since May 2023 to launch derivatives trading in Europe in 2024 and expand its services in the United Kingdom.

Founded in 2011, Bitstamp is one of the world’s longest-running cryptocurrency exchanges. According to the Bitstamp website, the platform serves a large number of countries at the time of writing, including the United States, Singapore, South Korea, Japan, and others.

Tonic Crypto Today data from CoinGecko shows that Bistamp’s daily trading volumes amount to approximately $114 million. This figure is much lower than the volumes reported by major competitors like Binance, which reportedly trades around $4 billion per day according to CoinGecko.