Bybit has become the latest cryptocurrency exchange to begin its withdrawal from the Canadian market following the country’s regulatory development, the company said in a blog post on 30 May.
According to the announcement, the crypto exchange decided to pause the availability of its products and services due to the “recent regulatory development” in Canada, and starting Wednesday Canadian residents and nationals will no longer be able to submit new account opening applications. The company wrote in its blog post:
“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.”
Existing Canadian users will be able to make deposits and increase their existing positions on the platform until 31 July, after which they will only have the option to reduce their positions or withdraw funds. Customers have been advised to wind down and manage their positions by 30 September, after which their assets will be automatically liquidated and the funds made available for withdrawal.
Bybit is not the first crypto company to begin its exit from Canada after the country mandated that all crypto exchanges had to sign a new legally binding undertaking in February. OKX announced its exit from the country back in March, while major crypto exchange Binance made the same move earlier this month.