Bybit, which has its headquarters in Dubai, plans to leave Canada while looking into expanding into fresh markets like Kazakhstan.
Following significant modifications in the regulatory sector, cryptocurrency exchange Bybit announced it will pause offering products and services to residents and nationalities of Canada.
Bybit announced in a blog post on May 30 that as on May 31, the company will not accept Canadian account opening requests. Before these services are shut away, current users of the cryptocurrency exchange have until July 31 to make deposits and “increase any of their existing positions,” with the remaining positions liquidated after September 30.
The only justification given for the market exit by Bybit was “recent regulatory development” in Canada. In June 2022, the Ontario Securities Commission imposed fines against the exchange, and Bybit announced that all users will be subject to obligatory Know Your Customer rules starting in May 2023.
Our goal is to offer all cryptocurrency followers a safer and more sustainable trading experience while upholding the standards for security. Bybit said.
With its headquarters in Dubai, Bybit’s decision to leave Canada coincided with the exchange’s expansion into new markets. On May 29, the company said that Kazakhstani officials had given them “in-principle” clearance. This action came after Bybit introduced cryptocurrency lending services.
The most recent cryptocurrency company to announce the decision to exit Canada due to regulations was Bybit. Decentralized exchange dYdX said in April that it would “wind down” its services for Canadian users due to the “regulatory climate” within the country. Binance, a major cryptocurrency exchange, stated in May the company was “proactively withdrawing” from Canada, citing Canadian Securities Administrators regulations.
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