Cryptocurrency exchange Bybit has announced that it will be suspending its products and services to Canadian residents and citizens following certain developments in the regulatory space.
In a blog post on May 30, Bybit said it will not be accepting applications to open accounts from Canadians starting May 31. Existing users of the cryptocurrency exchange will have until July 31 to deposit funds and “increase any of their existing positions” before these services are phased out, with other positions being liquidated after September 30.
Bybit did not offer any explanation for the exit beyond “recent regulatory developments” in Canada. The Ontario Securities Commission issued financial penalties against the exchange in June 2022, and Bybit said it plans to introduce mandatory Customer Verification requirements for all beginning users. starting from May 2023.
“As cryptocurrency adoption continues to grow, our mission is to provide a safer and more sustainable trading experience for all crypto enthusiasts while maintaining safeguards. necessary protection,” Bybit said.
Headquartered in Dubai, Bybit’s plans to leave Canada come as the exchange is expanding into new markets. On May 29, the company said it had received approval “in principle” from regulators in Kazakhstan.
Bybit is the latest crypto company to announce it will withdraw from Canada due to regulation. In April, decentralized exchange dYdX announced the “ending” of its services to Canadian users in response to the country’s “regulatory environment.” Major crypto exchange Binance said in May that it was “actively withdrawing” from Canada, citing Canadian Securities Regulatory Authority rules.