Bybit has announced that the cryptocurrency exchange will halt its business operation in Canada. The decision was made due to recent regulatory development in the country.
“It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada,” the exchange said in a blog post on Tuesday. “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”
Starting from May 31st, account creation will no longer be available. Effective July 31, 2023, Canadian customers can no longer make new deposits. This includes entering into new contracts or increasing their existing positions across all products and services. However, they can still withdraw funds or reduce their positions.
Affected Canadian customers are advised to take necessary actions by September 30, 2023. Failure to do so may result in liquidating open positions in margin products and derivative contracts. The liquidated funds are still available for withdrawal.
Other Crypto Exchanges
Binance also announced its decision to exit the Canadian market two weeks ago. The new regulation is “no longer tenable” for Binance.
Some crypto exchanges, like Coinbase, stayed committed to their business in Canada and are doubling down on their operations. Other exchanges like Kraken and Gemini decide to stay too.