Dubai-based cryptocurrency exchange Bybit has revealed its decision to halt operations in Canada due to recent regulatory developments. The exchange stated that it will no longer accept new account applications from Canadians starting from May 31. Existing users will have until July 31 to make deposits and adjust their positions before the services are phased out. Bybit attributed its withdrawal from the Canadian market to unspecified regulatory changes, which might be related to the financial penalties imposed by the Ontario Securities Commission in June 2022. Additionally, the exchange had planned to introduce mandatory Know Your Customer requirements for all users in May 2023. In the midst of its exit from Canada, Bybit announced its expansion plans into new markets, including obtaining “in-principle” approval from regulators in Kazakhstan. This decision follows the introduction of cryptocurrency lending services by the exchange. Bybit joins other crypto firms like dYdX and Binance in withdrawing from the Canadian market due to regulatory concerns and compliance with the Canadian Securities Administrators’ rules.
