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Bybit becomes latest crypto exchange to exit Canada

Bybit becomes latest crypto exchange to exit Canada WikiBit 2023-05-31 11:58

Starting from May 31, Bybit announced that it will no longer accept new account registrations from Canadian nationals and residents.

On May 30, Bybit, a cryptocurrency exchange, announced its intention to temporarily suspend all services and products offered in Canada until further notice, citing regulatory developments within the country. Consequently, starting from May 31, individuals who are Canadian nationals or residents will no longer have the ability to create new accounts on the Bybit platform.

“In response to the evolving regulatory landscape, Bybit has made the challenging yet imperative decision to temporarily pause the availability of our comprehensive range of products and services in Canada.”

Services to end

Existing customers of Bybit will retain access to the exchange's services and products until July 31, after which the platform will cease support for all its offerings in Canada. However, customers will no longer be able to increase their positions beyond this deadline. Despite this limitation, they will still have full access to their funds and the ability to withdraw them or reduce their existing positions.

Bybit has also provided Canadian customers with a winding-down period until September 30. It is crucial for customers to close their positions during this time frame, as any failure to do so will result in the automatic liquidation of all open positions in margin products and derivative contracts.

The Canadian exodus

Following the implementation of new regulations in February, the Canadian crypto industry witnessed a series of exchanges exiting the market. Bybit is the latest exchange to make this decision, as it faced the ultimatum to comply with the regulatory requirements or cease operations in the country.

Under the new regulations, exchanges are prohibited from offering leverage, including margin or credit, and are also restricted from facilitating the purchase or deposit of stablecoins without prior approval from regulators. These restrictions on stablecoins and leverage services have become the main catalyst for the departure of exchanges from Canada.

In a similar move, Binance also announced the suspension of its services for Canadian customers, citing the challenging regulatory landscape that made operating in the country untenable. Binance expressed efforts to explore alternative options to safeguard its Canadian users but concluded that no viable solutions were available.

Binance stated:

“Due to new guidelines concerning stablecoins and investor limits provided to crypto exchanges, it is no longer feasible for Binance to continue its operations in the Canadian market. Despite our best efforts to find alternative measures for the protection of our Canadian users, it has become evident that viable options do not exist.”

In March, OKX joined the list of exchanges temporarily halting their operations in the Canadian market, followed by dydx and Paxos in April, who also made the decision to withdraw their services.

All three exchanges attributed their actions to the introduction of new regulatory guidelines, which became the primary factor influencing their choices.

In contrast, some exchanges have chosen a different path by embracing regulatory measures and expressing their support for increased regulation within the crypto sector, even if it imposes certain limitations.

Coinbase and Kraken have reaffirmed their commitment to continue operating in Canada and have expressed their willingness to comply with the new regulatory framework, acknowledging the challenges it may present.

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