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Bybit's Steps Out From Canada Following Binance

source-logo  thenewscrypto.com 31 May 2023 00:42, UTC
  • Bybit chooses to quit Canada due to regulatory rules.
  • Other crypto exchanges like Coinbase are surprised by new rules.

Following the withdrawal of top cryptocurrency exchanges like Binance from Canada, the exit announcement notice of Bybit, the prominent cryptocurrency exchange has come out. Sooner by the end of May, Bybit will exit from the Canadian market as per the information given on Monday.

However, Bybit Exchange added that the primary goal of operating this business in Canada included the relevant rules and regulations. Additionally, the announcement highlighted:

“In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”

According to the information, there will be no more account deposit creations from May 31. Yet, the depositors they currently hold, have time till July 31st to create new deposits upon newer contracts. Meanwhile, the customers can also withdraw their positions even after the dates are closed.

Who’s Next To Quit Canada?

When Binance has recently declared its exit from Canada due to the country’s regulatory environment which is determined for the Canadian Securities Administrators (CSA) approval. Again, this also includes due diligence check passings.

Nevertheless, the other top cryptocurrency exchanges including Kraken, Coinbase, and Gemini stay in Canada. There could be chances that these exchanges might be surprised by the new regulatory rule actions in Canada sooner or later.