Crypto Exchange Bybit Exits Canadian Market
Bybit, a crypto exchange platform, has recently decided to discontinue its services in Canada, following the footsteps of industry leader Binance.
Bybit has released a statement explaining the reasons behind this move, citing difficulties in adhering to newly implemented regulatory measures in the country.
“Our utmost priority has always been to operate within the legal framework and comply with the regulations governing our operations in Canada. However, due to recent regulatory developments, Bybit has had to make the challenging yet necessary choice to temporarily suspend the availability of our products and services.”
Effective from May 31st, Canadian residents and nationals will no longer be permitted to create new accounts on the Bybit platform.
Existing Canadian customers will be allowed to withdraw funds or reduce their current positions until July 31st. However, they will no longer be able to initiate new deposits, enter into new contracts, or increase their current positions.
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By September 30th, Canadian customers must finalize their positions and manage their accounts accordingly. Any open positions in margin products and derivative contracts beyond this date will be liquidated, and the resulting funds will be made accessible for withdrawal.
“We strive to offer a secure and sustainable trading experience for all crypto enthusiasts while maintaining the necessary safeguards. We regret any inconvenience caused and greatly appreciate your ongoing support.”
Binance, the world’s largest cryptocurrency exchange by trading volume, had previously announced its departure from the Canadian market in May. This decision was influenced by the country’s new regulations pertaining to stablecoins and investor limitations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
