Bybit will stop serving Canadian customers on September 30

The exchange joined other major platforms that had already left the local market

31.05.2023 - 12:45

837

2 min

What’s new? Crypto exchange Bybit will cease operations in Canada due to changes in industry regulation. Previously, Binance, OKX, and dYdX platforms also announced their departure from the local market for a similar reason. According to Bybit’s blog, citizens, and residents of Canada will not be able to open new accounts from May 31, 08:00 UTC, and starting July 31 to make deposits, enter into contracts, and increase positions on all products and services.

Bybit Blog

How will the platform’s operation be ceased? Spot and margin trading, derivatives and fiat currency operations, as well as interest rate products and copy trade, will be unavailable starting July 31. The exchange’s representatives urged local clients to close all positions by September 30, 08:00 UTC, or they will be liquidated. In this, withdrawals will remain available.

The company noted that it sought to do business in accordance with Canadian law, but due to its recent changes “has made the difficult but necessary decision” to leave the country. Late last year, for example, amid the collapse of FTX, the Canadian Securities Administrators (CSA) banned crypto exchanges from offering margin trading and leverage to any traders, including institutional ones.

On May 19, Bybit received pre-approval to work in Kazakhstan, after fulfillment of a number of conditions the exchange will be able to work within the jurisdiction of the Astana International Financial Center (AIFC).

Earlier, the Ontario Securities Commission (OSC) began investigating Binance for attempts to circumvent local legislation, even though the exchange stopped operating in the country.

Author: