Bybit Is Leaving Canada In Difficult Situation With New Regulations

Key Points:

• Canadian Bybit clients will no longer be able to make new deposits or engage in new contracts after July 31, 2023.
• This is the exchange that follows in the footsteps of Binance leaving Canada when crypto regulations in this country are tightening.

Bybit has stated that it would leave the Canadian market as early as May 31 owing to recent legislative changes in the nation, joining numerous other exchanges that have left the country.

“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,” the exchange said in a blog post.

There will be no new account openings after May 31, but current clients will have until July 31 to make fresh deposits and engage in new contracts, according to the company, emphasizing that they will be able to withdraw or decrease their holdings after the closure date.

Over the past few months, Bybit has been expanding its services. Earlier on May 2, it announced it would start offering crypto lending services to users. In March, the company partnered with Mastercard to offer a new debit card for crypto payments.

Bybit also proceeded to grow its activities after acquiring regulatory permits in Kazakhstan. On May 29, the exchange announced that it had received pre-approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to serve as a digital asset trading facility and asset holding service provider at the Center. International Finance Astana (AIFC).

Bybit, which recently opened its global headquarters in Dubai, joins Binance and other crypto exchanges in closing their operations in Canada due to the country’s challenging regulatory environment, which revealed new guidance for crypto companies in February that requires crypto asset trading platforms to obtain approval from the Canadian Securities Administrators (CSA), which includes passing various due diligence checks.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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