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The digital currency trading platform Bybit has announced its temporary suspension of services for Canadian citizens and residents in response to recent changes in the regulatory framework.
Bybit made this announcement in a blog post on May 30, stating that it will no longer accept new registration requests from Canadian residents starting May 31. Existing users of the platform will have until July 31 to deposit funds and maintain their current positions. However, these services will gradually wind down, and all remaining positions will be closed by September 30.
Bybit did not provide specific details regarding its exit from the Canadian market, attributing it to "recent regulatory shifts" within the country. In June 2022, the Ontario Securities Commission imposed financial penalties on the platform. Additionally, Bybit has revealed plans to implement mandatory Know Your Customer procedures for all clients by May 2023.
By emphasizing its commitment to the evolving digital currency landscape, Bybit underscored the importance of providing secure and sustainable trading experiences to cryptocurrency enthusiasts while ensuring necessary safeguards.
Based in Dubai, Bybit's decision to withdraw from Canada coincides with the company's expansion into new markets. On May 29, Bybit announced that it had received tentative approval from authorities in Kazakhstan as part of its expansion plans. This news followed Bybit's introduction of digital currency lending services.
Bybit is not the first cryptocurrency entity to withdraw from Canada due to regulatory concerns. In April, the decentralized platform dYdX announced a gradual reduction of its offerings to Canadian clients due to the "regulatory atmosphere" in the country. The well-known crypto trading platform Binance also announced in May that it was voluntarily exiting the Canadian market, citing regulations established by the Canadian Securities Administrators.
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