Cryptocurrency exchange Bybit has announced that it will discontinue its products and services to residents and nationals of Canada following certain regulatory developments.
In a blog post on May 30, Bybit said that it will no longer accept account opening applications from Canadians after May 31. Existing users of the cryptocurrency exchange will have until July 31 to make deposits and “increase any of their existing positions” before these services are phased out, with remaining positions liquidated after September 30.
Bybit offered no explanation for the exit from the market beyond “recent regulatory development” in Canada. The Ontario Securities Commission issued economic sanctions against the exchange in June 2022, and Bybit said it planned to introduce mandatory “know-your-customer” requirements for all users starting in May 2023.
“As cryptocurrency adoption continues to grow, our mission is to provide a safer and more sustainable trading experience for all cryptocurrency enthusiasts while maintaining necessary safeguards,” Bybit stated.
Based in Dubai, Bybit’s plans to leave Canada came amid the exchange’s expansion into new markets. On May 29, the company said it had received “in principle” approval from Kazakhstan’s regulators. This move came after Bybit introduced cryptocurrency lending services.
Bybit was the latest cryptocurrency company to announce its withdrawal from Canada due to regulations. In April, the decentralized exchange dYdX announced a “reduction” of its services for Canadian users in response to the “regulatory climate” in the country. Major cryptocurrency exchange Binance said in May that it was “proactively withdrawing” from Canada, citing Canadian Securities Administrators rules.
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