Bybit leaves Canada due to new regulations

Bybit, a cryptocurrency exchange, has announced that it will leave the Canadian market as of May 31 due to recent regulatory developments in the country. This follows several other exchanges that have already left Canada.

Bybit stated in a blog post on Tuesday, “It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”

Starting May 31, no new account openings will be available. Existing customers will have until July 31 to make new deposits and enter into new contracts. The company noted that customers will still be able to withdraw or reduce their positions after the closing date.

Bybit recently opened its global headquarters in Dubai and now joins Binance and other cryptocurrency exchanges that have halted operations in Canada amid a challenging regulatory environment. In February, the country revealed new guidance for crypto companies, forcing crypto asset trading platforms to obtain approval by the Canadian Securities Administrators (CSA), which includes passing various due diligence checks.

However, some crypto exchanges, such as blockchain, have remained committed to their business in Canada and are even expanding their operations there. blockchain has even praised Canada’s new approach for setting clear rules.

Read more: blockchain Praises Canada’s Crypto Approach as U.S. Regulatory Pressure Intensifies

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