Bybit Pulls Out of Canada Due to Regulatory Shifts

ByBit Exit out
Bybit, a prominent cryptocurrency exchange, has revealed its decision to temporarily halt its operations for residents and nationals of Canada due to certain regulatory developments.

In a recent blog post on May 30, Bybit declared that it would no longer accept account opening applications from Canadian individuals starting May 31. Existing users of the platform will have until July 31 to make deposits and increase their existing positions, as the services will gradually be phased out, with remaining positions liquidated by the end of September.

Bybit did not provide a detailed explanation for its departure from the Canadian market, citing only "recent regulatory development" in the country. However, it is worth noting that the Ontario Securities Commission had imposed financial penalties on the exchange back in June 2022. Bybit had also announced plans to implement mandatory Know Your Customer requirements for all users, starting in May 2023.

Bybit stated its commitment to offering a safer and sustainable trading experience to crypto enthusiasts, as the adoption of cryptocurrencies continues to expand. 

The company's headquarters are based in Dubai, and its decision to exit the Canadian market coincides with its expansion into new markets. Bybit recently obtained "in-principle" approval from regulators in Kazakhstan and introduced cryptocurrency lending services.

Bybit joins other crypto firms in withdrawing from Canada due to regulatory concerns. In April, decentralized exchange dYdX announced the winding down of its services for Canadian users in response to the country's regulatory climate. Similarly, major cryptocurrency exchange Binance also confirmed its proactive withdrawal from Canada in May, citing regulations by the Canadian Securities Administrators.

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