Bybit Follows Binance’s Footsteps, Exits Canadian Market Amid Regulatory Concerns

In the wake of Binance’s departure from Canada, cryptocurrency trade Bybit has introduced its exit from the nation as nicely, citing “recent regulatory development” as the explanation. Effective May 31, Bybit said that it might stop accepting functions from Canadian residents.

Bybit to Pause Operations in Canada

According to a Tuesday announcement, Bybit is withdrawing from Canada and has suspended new registrations from Canadian residents as of Wednesday. Starting July 31, Canadians will probably be unable to deposit funds; nevertheless, they’ll nonetheless withdraw and scale back their buying and selling positions in the intervening time.

“Canadian Customers who are implicated by these measures should take steps by September 30, 2023, 8AM UTC to wind down and manage their positions,” Bybit mentioned. “Failing which, open positions in any margin merchandise and spinoff contracts—will probably be liquidated and the liquidated funds will probably be out there for withdrawal.”

While Bybit defined it has at all times prioritized compliance, it acknowledged that present rules in Canada have created challenges. “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,” the trade defined, with out specifying which specific rules led to this resolution.

Following Binance’s exit from Canada as a result of comparable issues, Bybit has chosen to not point out the potential for returning to the Canadian market if rules change. Although a “pause” suggests the likelihood. Meanwhile, the trade is increasing its attain by lately receiving in-principle approval to function in Kazakhstan.

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