Bybit exits Canadian crypto market along with Binance

The crypto exchange Bybit has decided to leave the Canadian market due to increased regulatory scrutiny in the country. In a blog post on Tuesday, the platform said, “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.” Canadian users will not be able to open new accounts after May 31, while existing users will no longer be able to make deposits or trade after July 31. The platform has suggested all users in Canada close out their positions by September 30, otherwise they will be liquidated.

Bybit is the latest in a series of crypto firms, such as Binance and OKX, to withdraw from the Canadian market. In February 2023, Canadian Securities Administrators introduced new rules mandating that crypto firms make commitments to protect investors through “an enhanced pre-registration undertaking.” These rules require firms to agree to segregation in crypto custody, have a chief compliance officer on staff, eliminate leveraged trading, and not allow users to trade or hold stablecoins. Blockchain is one example of a crypto firm that is still committed to succeeding in the regulated Canadian market, having recently appointed a former executive from Shopify as its new country director in Canada and signed an enhanced Pre-Registration Undertaking (PRU) in Canada.

Canada Takes Harsh Stance Against Crypto Companies

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