Crypto exchange Bybit has announced that it plans to exit the Canadian market due to the country’s new regulatory rules.
The Bybit team wrote in a blog post:
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.
Important Dates for Bybit Services in Canada
The Bybit team further provided the following timeline for the platform winding down its services in Canada.
- May 31, 2023 – New user accounts from Canada will not be accepted by Bybit
- July 31, 2023 – existing Bybit users in Canada will no longer be able to make deposits, enter new contracts, or increase their existing trading positions. Withdrawals will still be active
- September 30, 2023 – all open positions, including those on derivatives, will be closed, but withdrawals will still be active
Binance and dYdX Have Also Exited Canada
With this move, Bybit joins Binance and crypto derivatives exchange dYdX in exiting Canada due to new regulations in the country.
dYdX announced in early April that it was exiting the Canadian market effective April 14.
“We hope that the regulatory climate in Canada will change over time to allow us to resume services in the country,’ the dYdX team wrote in a blog post.
In mid-May, Binance made a similar announcement to exit Canada. The team at Binance further explained that their exit from the market was due to new guidance on stablecoins and investor limits as to why they made the decision.
The team said:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.