Bybit, a cryptocurrency exchange based in Dubai , said it will exit the Canadian market and stop opening new accounts for users starting Wednesday, citing “recent regulatory developments” .
Bybit said it will stop accepting new deposits or adding new locations for existing users in Canada starting July 31, while also stating that users can withdraw or reduce their positions.
“In light of recent regulatory developments, Bybit has made the difficult but necessary decision to suspend the provision of our products and services,” the exchange said in a statement on Tuesday.
Bybit’s move comes after the regulator the Securities and Exchange Commission of Canada said in February that crypto companies planning to operate in Canada must register to comply with a new set of regulatory guidelines.
Earlier this month, Binance, the world’s largest crypto exchange, also said it would withdraw from Canada, as new guidance regarding stablecoins and investor limits “makes the Canadian market unviable.” for exchanges.
In contrast, Coinbase, the largest crypto exchange in the US, is expanding in Canada. In March, Coinbase said it had hired more than 200 engineers in Canada to support its global product portfolio.
In addition , our global leadership team will regularly make trips to Canada to interact with regulators, partners, and the community to better understand the market. Canadian schools and special needs here.”