Key Point
- Bybit is exiting Canada because of recent regulatory development in the country
Canadian crypto traders have been hit with another big blow after crypto exchange Bybit joined the likes of Binance, OKX, and other notable crypto firms to suspend crypto business in Canada.
Citing “recent regulatory development”, the exchange will exit the Canadian market.
“It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,” Bybit noted in a blog post on Tuesday.
Furthermore, from May 31, 2023, Bybit will no longer allow new users to register in the exchange. The existing users, they’ll no longer be able to make new deposits or increase their positions on the exchange from July 31, 2023; existing users can only reduce their position from the said date, Bybit added in the post.
Canada’s new regulations have created a sour environment for crypto firms in the country; many worlds leading cryptocurrency exchanges have exited the market because of their inability to cope with the new rules; kraken exchange, unlike others, announced commitments to the Canadian market.
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