Crypto exchange Bybit announced that it will cease offering its products and services in Canada just weeks after industry giant Binance decided to leave the country.
In a new statement, Bybit says it will stop serving the Canadian market citing challenges in complying with new regulatory measures.
“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 says it will no longer allow Canadian residents and nationals to sign up for an account effective May 31st.
Starting July 31st, existing Canadian customers are only allowed to withdraw or reduce their positions. They can no longer make new deposits, enter into new contracts or increase their existing positions.
Canadian Customers are also given until September 30th to wind down and manage their positions. The platform says open positions in any margin products and derivative contracts beyond this period will be liquidated and the resulting funds will be made available for withdrawal.
“As the adoption of crypto continues to grow, our mission is to provide safer and sustainable trading experience to all crypto enthusiasts while maintaining necessary safeguards. We apologize for any inconvenience this may cause, and appreciate your continued support.”
Binance also announced its exit from the territory in May. The world’s largest crypto exchange by trading volume says it is no longer tenable to continue operating in Canada because of the country’s new regulatory stance on stablecoins and investor limits.
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