Bybit Exits Canadian Market: Binance Follows Suit

• Crypto exchange Bybit has announced that it will no longer offer its products and services in Canada due to regulatory challenges.
• This follows a similar move by industry giant Binance, who also left the Canadian market in May.
• Bybit customers in Canada have until September 30th to wind down and manage their positions, with open positions beyond this date being liquidated.

Bybit Leaves Canadian Market

Crypto exchange Bybit has announced that it will cease offering its products and services in Canada due to challenges in complying with new regulatory measures. Starting May 31st, Canadian residents and nationals will no longer be allowed to sign up for an account, while existing customers are only allowed to withdraw or reduce their positions until July 31st. Open positions beyond September 30th will be liquidated.

Binance Also Exits Canadian Market

Industry giant Binance also recently decided to leave the Canadian market citing new regulatory stance on stablecoins and investor limits as reasons for its exit.

Bybit Aiming For Compliance With Regulatory Measures

Bybit states that its primary objective is to operate its business in compliance with all relevant rules and regulations within Canada, leading them to make the difficult decision of pausing availability of their products and services within the country.

Apology To Canadian Customers

The platform apologized for any inconvenience caused by this decision and expressed appreciation for continued support from customers.

Bybit’s Mission For Safer Trading Experience

Bybit aims to provide safer and sustainable trading experience to all crypto enthusiasts while maintaining necessary safeguards as adoption of crypto continues to grow around the world.