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Popular cryptocurrency exchange Bybit has announced that it will be exiting the Canadian market, citing recent regulatory developments in the country as the reason behind its decision. The move follows similar decisions made by other exchanges to cease operations in the North American nation.
From May 31, new account opening will be unavailable, while existing customers will have time till July 31 to make further deposits and enter into new contracts. The company also promised that old users would be able to withdraw or liquidate their positions after the expiry date.
a difficult but necessary decision
Bybit’s decision to leave Canada comes after the Canadian Securities Administrators (CSA). Issued New guidance for crypto entities, which mandates digital asset trading platforms to seek approval from the CSA. The new norms include passing various due diligence checks.
“It has always been a primary objective of Byte to conduct 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 Said in a statement.
The current regulatory environment in Canada has become increasingly challenging for some crypto exchanges to navigate, leading to a number of high-profile exits including Binance and others who have also pulled out of the country.
Not all exchanges are going
In contrast, Coinbase, the largest crypto exchange in the US, is expanding into Canada. In March, the company hired out Over 200 engineers in the country to support its global product portfolio. The exchange also said that its global leadership team will continue to engage frequently with regulators, partners and the community in Canada to better understand the market and its unique needs.
The varying strategies of crypto exchanges towards the Canadian market reflect the uncertainty surrounding the regulatory regime in the country. The withdrawal of Binance along with the exit of Bybit is a blow to the Canadian crypto industry.
However, Coinbase’s expansion highlights the confidence some firms have in the Canadian market, despite regulatory challenges. Bybit has become the latest cryptocurrency exchange to exit the Canadian market.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Popular cryptocurrency exchange Bybit has announced that it will be exiting the Canadian market, citing recent regulatory developments in the country as the reason behind its decision. The move follows similar decisions made by other exchanges to cease operations in the North American nation.
From May 31, new account opening will be unavailable, while existing customers will have time till July 31 to make further deposits and enter into new contracts. The company also promised that old users would be able to withdraw or liquidate their positions after the expiry date.
a difficult but necessary decision
Bybit’s decision to leave Canada comes after the Canadian Securities Administrators (CSA). Issued New guidance for crypto entities, which mandates digital asset trading platforms to seek approval from the CSA. The new norms include passing various due diligence checks.
“It has always been a primary objective of Byte to conduct 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 Said in a statement.
The current regulatory environment in Canada has become increasingly challenging for some crypto exchanges to navigate, leading to a number of high-profile exits including Binance and others who have also pulled out of the country.
Not all exchanges are going
In contrast, Coinbase, the largest crypto exchange in the US, is expanding into Canada. In March, the company hired out Over 200 engineers in the country to support its global product portfolio. The exchange also said that its global leadership team will continue to engage frequently with regulators, partners and the community in Canada to better understand the market and its unique needs.
The varying strategies of crypto exchanges towards the Canadian market reflect the uncertainty surrounding the regulatory regime in the country. The withdrawal of Binance along with the exit of Bybit is a blow to the Canadian crypto industry.
However, Coinbase’s expansion highlights the confidence some firms have in the Canadian market, despite regulatory challenges. Bybit has become the latest cryptocurrency exchange to exit the Canadian market.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
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