Bybit is leaving Canada after Binance.

Bybit is leaving Canada after Binance.

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Author: Robert Strickland (crypto-journalist)
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]Cryptocurrency exchange Bybit announced its exit from the Canadian market following Binance
Cryptocurrency exchange Bybit announced its withdrawal from the Canadian market following Binance
Crypto-exchange following Binance has decided to stop providing services to Canadians due to stricter local regulations

Crypto-exchange Bybit has announced that it is withdrawing from the Canadian market. The decision to suspend access to products and services for users from Canada was made due to recent changes in local legislation, the platform said in a statement.

Starting May 31, Bybit will no longer open new accounts for Canadian residents and citizens. Starting the same day, registered customers will no longer be able to make any new deposits, enter into new contracts or increase any of their existing positions across all products and services.

Canadian users have until September 30 to liquidate open positions, otherwise, they will be liquidated, while the funds will remain available for withdrawal.

For CSA approval the exchanges need to pass various inspections of the regulator.

Due to these innovations, the exchange Binance announced its departure from the Canadian market in early May. According to the team of the leading crypto platform, the new rules are not suitable for its business. Despite the exchange's departure from the country, the Ontario Securities Commission (OSC), Ontario's securities regulator, is investigating Binance for possible former law violations, according to FinancialPost.

Last spring, Bybit moved its headquarters from Singapore to Dubai. In mid-April, the site announced that it was tightening requirements for customer verification.

On May 29, Bybit reported that it received a preliminary permit to work in Kazakhstan. The exchange sees Kazakhstan as a "gateway" to the CIS and believes in the "promising potential" of the crypto industry in the region.

 

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