Bybit Exchange, has recently declared its intention to halt its operations in Canada due to recent regulatory modifications. This decision aligns Bybit with other exchanges such as Binance, which withdrew from the Canadian market earlier this month, and OKX, which did the same in March.
In recent months, the Canadian government has taken a more stringent approach towards the sector. This includes the implementation of a pre-registration procedure and the prohibition of leveraged trading within the country.
Bybit expressed its commitment to conducting its business in accordance with the applicable rules and regulations in Canada, stating, “Ensuring compliance has always been our utmost priority.” However, considering the recent regulatory developments, Bybit has faced the challenging yet essential choice to suspend the availability of its products and services.
Starting from July 31, Bybit will disable the option for its current Canadian users to make fresh deposits or initiate new contracts on the platform. However, they will retain the ability to withdraw funds. Additionally, Bybit will cease accepting new registrations from Canadian residents and nationals.
To ensure a smooth transition, affected users are encouraged to gradually close their positions by September 30. Any remaining positions related to margin products and derivative contracts after this date will be liquidated, allowing users to withdraw their funds.
Bybit has a history of withdrawing from various markets. In 2021, the company ceased its services for clients in the UK to adhere to the ban on digital assets derivatives. Users from the United States are also barred from accessing the platform.
Furthermore, Bybit suspended its derivatives trading activities in Brazil in September of the previous year due to a ban imposed by the country’s securities regulator.
Founded in 2018 and based in Dubai, the company faced the challenges of the sector downturn, which led to staff reductions at the end of last year.