Bybit exits Canadian market
- Starting from May 31, Bybit will no longer accept new account applications from Canadian residents and nationals.
- Existing customers have until July 31 to use the platform, after which they will only be able to withdraw funds.
- If there are any open positions as of September 30, 2023, they will be liquidated.
Bybit, a cryptocurrency exchange, has announced that it is leaving the Canadian market due to recent regulatory developments. While the company has always aimed to comply with local rules and regulations, it has decided to exit Canada even though it was a difficult decision.
Starting from May 31, 2023, Bybit will pause its activities and products in the Canadian market.
No new accounts for Canadian residents
From May 31, Bybit will stop accepting account opening applications from new users determined to be from Canada. This restriction applies to all existing Canadian nationals.
Existing Canadian customers will still be able to use the platform until July 31, but they will not be able to make new deposits or enter into new contracts. Bybit will also not allow them to increase existing positions across all products and services effective on that date. However, customers will still be able to withdraw funds or reduce existing positions.
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Canadian customers have until September 30, 2023, 8am UTC to wind down positions, or any margin or derivatives positions still open after this date will be liquidated, with funds made available for withdrawal.
Several crypto firms have exited Canada
Bybit’s departure from the Canadian market comes a day after announcing that it had received “in-principle” approval to expand into Kazakhstan. Additionally, Binance, the world’s largest cryptocurrency exchange by trading volume, recently exited Canada citing new developments around crypto guidelines from Canadian regulators as the reason for its decision. Other providers that have exited Canada since February include OKX, dYdX, and Paxos.