Cryptocurrency exchange Bybit has announced that it will suspend offering products and services to Canadian residents and nationals following certain developments in the regulatory space.
In a blog post on may 30, bybit said it willnter accept applications from canadians to open an obCount Starting May 31. Current users of the cryptocurrency exX Change Have UNTI JULY 31 to Make DEPOSITS and "Add to Any Existing Positations they have" beface the services will be available. Phased out, other positions liquidated after September 30th. Bybit did not provide any explanation for the market exit other than “recent regulatory developments” in Canada. The Ontario Securities Commission imposed financial penalties on the exchange in June 2022, and Bybit said it plans to introduce mandatory “know your customer” requirements for all users starting in May 2023.
“As the adoption of cryptocurrencies continues to grow, our mission is to provide all cryptocurrency enthusiasts with a more secure and sustainable transaction experience, while maintaining necessary safeguards,” Bybit said. Dubai-based Bybit's plans to exit Canada com e as the exchange expands into new markets. On May 29, the company said it had received "in-principle" approval from Kazakh regulators. The move comes after Bybit launched a cryptocurrency lending service.
Bybit is the latest cryptocurrency company to announce that it will exit Canada under the regulations. In April, decentralized exchange dYdX announced it was “ending” its services for Canadian users in response to the country's “regulatory environment.” Major crypt currency exchange Binance said in May that it was “voluntarily withdrawing” from Canada, citing Canadian Securities Authority regulations.
