Bybit, a popular cryptocurrency exchange and trading platform, has announced that it will cease operations in Canada due to the latest regulatory developments in the country.
The exchange said it aims to always comply with all relevant rules and regulations in Canada, but has decided to suspend the availability of its products and services for Canadian customers.
According to the announcement, Bitcoin exchange Bybit will stop accepting new account applications from Canadian residents and citizens from May 31, 2023, 11:00 CEST.
Existing Canadian customers will also not be able to make new deposits, enter new contracts or increase their existing positions for all products and services after July 31, 2023, 11:00 am.
The exchange urged Canadian clients to step in by 11:00 CEST on September 30, 2023 to liquidate and manage their positions, otherwise their open positions in all margin products and derivative contracts will be liquidated and funds made withdrawable.
Bybit said it regrets any inconvenience this decision has caused and is committed to providing a safer and more sustainable trading experience to all crypto enthusiasts while maintaining the necessary security measures.
Canada has recently released new guidance for crypto companies that includes passing various due diligence checks on crypto-asset trading platforms. As Bitcoinsistemi.com announced, Binance similarly stopped its activities in Canada.
*Not investment advice.
