Bybit has announced that it will be exiting the Canadian market starting as soon as May 31 due to recent regulatory developments in the country, adding to several other exchanges that pulled out from 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.”
No new account openings will be available from May 31, while existing customers will have time until July 31 to make new deposits and enter into new contracts, the company said, noting that they will be able to withdraw or reduce their positions after the closing date.
Bybit, which recently opened its global headquarters in Dubai, joins Binance among other crypto exchanges who have shut down its operations in Canada amid a challenging regulatory environment in the country which revealed new guidance for crypto companies in February that forces crypto asset trading platforms to obtain approval by the Canadian Securities Administrators (CSA) which includes passing various due diligence checks.
Some crypto exchanges, like Coinbase, however, stayed committed to its business in Canada and are doubling down on its operations there. Coinbase has even praised Canada’s new approach for setting out clear rules.
Read more: Coinbase Praises Canada’s Crypto Approach as U.S. Regulatory Pressure Intensifies