Already today, May 31 Bybit exchange will cease to register new users from Canada.
Existing users will not be able to make deposits, increase their positions and open new contracts. All open transactions must be closed by September 30.
Last year, the country’s government published new rules for crypto firms. In particular, cryptocurrency exchanges must keep user assets separate from company assets and use a third-party custodial service.
Later, the Canadian Securities Administrators Association (CSA) banned trading in algorithmic Stablecoins and added rules to distinguish complex instruments like margin trading.
“Bybit management has made the difficult but necessary decision to suspend the availability of our products and services in Canada.
The main goal of Bybit has always been to do business in accordance with all necessary regulatory norms and rules,” the site emphasized in a statement.
Recall that the exchange Binance also announced its departure from Canada due to the regulatory environment in the country.