Crypto exchange Bybit announced it would stop offering its products and services in Canada just weeks after industry giant Binance decided to leave the country.
In a new statement, Bybit say it will stop serving the Canadian market, citing challenges in complying with new regulatory measures.
“It has always been Bybit’s primary goal to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory developments, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”
Bybit says it will no longer allow Canadian residents and nationals to sign up for an account as of May 31.
As of July 31, existing Canadian clients may only withdraw or reduce their positions. They will no longer be able to make new deposits, enter into new contracts or increase their existing positions.
Canadian clients will also have until September 30 to run down and manage their positions. The platform says that open positions in margin products and derivative contracts will be liquidated after this period and the resulting funds will be made available for withdrawal.
“As crypto adoption continues to grow, our mission is to provide all crypto enthusiasts with a more secure and sustainable trading experience, while maintaining necessary safeguards. We apologize for any inconvenience this may cause, and appreciate your continued support.”
Binance also announced its departure from the area in May. The world’s largest crypto exchange by trading volume says it is no longer sustainable to continue operating in Canada due to the country’s new regulatory stance on stablecoins and investor limits.
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey