Home Regulation Crypto exchange Bybit announces exit from Canadian market

Crypto exchange Bybit announces exit from Canadian market

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  • Bybit will no longer accept new account applications from Canadian residents and citizens after May 31st.
  • Existing customers have until July 31st, after which they will only be able to withdraw funds.
  • In a notice, the exchange said that after September 30, 2023, open positions will be liquidated.

Cryptocurrency exchange Bybit to exit Canadian market, according to company notice published Tuesday, May 30th.

The exchange noted that recent regulatory developments led to its decision to leave Canada. Bybit said compliance with all local rules and regulations was always a “main objective”, but the decision to withdraw was necessary, even if difficult.

Therefore, Bybit will suspend its activities and products in the Canadian market from May 31, 2023.

No new accounts for Canadian residents

Starting Wednesday, May 31st, Bybit will no longer accept account opening applications from new users found to be from Canada. The exchange says the restrictions apply to all existing Canadian citizens.

Existing customers in Canada can continue to use the platform until July 31, after which they will be restricted from making new deposits or signing new contracts. In addition, Bybit will not allow any existing positions to be increased across all products and services from that date. However, customers can still withdraw funds or reduce existing positions.

Overall, Canadian customers must close their positions by 8:00 AM UTC on September 30, 2023. Any margin or derivative positions still open after this date will be liquidated and funds will be available for withdrawal.

Several Cryptocurrency Companies Exit Canada

Bybit’s withdrawal from Canada comes a day after the exchange announced it had received “in principle” approval for its expansion into Kazakhstan.

Notably, the news comes weeks after Binance, the world’s largest cryptocurrency exchange by trading volume, pulled out of Canada. As reported, Binance cited new developments regarding cryptocurrency guidelines by Canadian regulators as the reason for the decision.

Several providers have pulled out since February when the Canadian Securities Administration (CSA) formalized new requirements for cryptocurrency exchanges. These include OKX, dYdX and Paxos, as CoinJournal also highlights here.

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