Crypto exchange Bybit has exited the Canadian market due to recent regulatory developments.
It follows Binance in exiting Canada while Coinbase, Kraken, and Gemini, among others, stay committed.
Bybit Exits The Canadian Market
Bybit, one of the largest cryptocurrency exchanges in the world, announced via a blog post on Tuesday that it had exited the Canadian market.
The cryptocurrency exchange cited recent regulatory developments in the country as one of the reasons why it will stop providing services to Canadian traders and investors.
In its blog post, the crypto exchange wrote;
“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.”
For new users, Bybit will no longer be accepting accounting opening applications by any identified Canadian residents and existing Canadian nationals starting May 31st, 2023.
For the existing users, Canadian Customers will no longer be able to make any new deposits or enter into new contracts or increase any of their existing positions for all products and services, effective from July 31st, 2023. However, they can withdraw or reduce their positions.
Bybit follows Binance’s footsteps in exiting the Canadian market due to the recent regulatory changes. The Canadian government revealed new guidance for crypto companies in February.
The new regulation requires crypto trading platforms to obtain approval from the Canadian Securities Administrators (CSA), which includes passing various due diligence checks.
Despite Binance and Bybit exiting the market, Coinbase, Kraken, and Gemini continue to operate in the country.