Bybit Withdraws from Canadian Market Due to Crypto Regulations

In recent news, popular cryptocurrency exchange Bybit has announced its departure from the Canadian market, citing regulatory developments in the country as the primary reason for its decision. Similar to other exchanges that have ceased operations in Canada, new account openings will be unavailable from May 31, while existing customers will have until July 31 to make further deposits and enter into new contracts. Old users will have the opportunity to withdraw or reduce their positions after the closing date.

According to recent guidance issued by the Canadian Securities Administrators (CSA), digital asset trading platforms must obtain approval from the CSA, including the passing of various due diligence checks. Bybit’s decision follows the new regulations that have made it increasingly challenging for some crypto-exchanges to navigate, causing high-profile exits, including Binance and others who have also pulled out of the country. In contrast, Coinbase, the largest crypto-exchange in the U.S., has expanded in Canada by hiring over 200 engineers in March to support its global product portfolio.

Bybit’s withdrawal from Canada signifies a setback for the Canadian crypto industry. Coinbase’s expansion highlights the confidence of some firms in the Canadian market despite regulatory challenges. Notably, Bybit becomes the latest crypto exchange to pull out of the Canadian market, signaling concerns about regulatory uncertainty.

Important quotes for understanding the context include Bybit’s statement, “It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,” and the special offers from Binance and PrimeXBT, which readers can check by following hyperlinks to external sources.

In a journalistic tone as serious as the NY Times or Washington Post, we report that Bybit’s exit from the Canadian market illustrates the uncertainty surrounding the regulatory regime in the country, which may be a significant obstacle for many businesses to navigate. However, as evidenced by Coinbase’s expansion and confidence in the market, the story does not represent all firms’ perspectives on the Canadian market.

This news was first seen here: Bybit Pulls Out of Canada Amid New Crypto Regulations  on 2023-05-31 17:39:17

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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