Crypto Exchange Bybit Exiting Canada
Crypto exchanges are leaving the Canadian market one by one. One of the popular crypto exchanges Bybit is the latest exchange that decides to stop its operation in Canada. Due to regulatory security, it becomes more challenging to run crypto businesses.
Bybit wants to provide a safe and sustainable trading experience for everyone. They want to follow rules and regulations to operate their business. But it becomes more challenging and without going into detail, Bybit points out recent regulatory development as a reason to exit the Canadian market.
Even though crypto exchange Bybit works on expanding its business, it has to make this tough decision. The good thing is, they are expanding their business in Kazakhstan. And they already got in-principle approval from regulators over there.
As a part of exiting Canada, Bybit stopped accepting any new account opening applications from May 31. Existing customers can make more deposits, increase their position and make new contacts, but they cannot do that from July 31. It is mentioned to close their positions, otherwise, they will be liquidated after September 30, 2023.
If you are from Canada and use Bybit, I think it is better to reduce your exposure to Bybit and withdraw your crypto assets. You have time to do that. Since Bybit made the announcement to cancel its operation in Canada, you should look for alternatives to do crypto trading and investment.
Coinbase still runs its operation in Canada. They might expand their operation in spite of having regulatory challenges. The trading fee on Coinbase is usually high and that can be a factor to discourage traders to do trading.
Due to new crypto regulations and requirements, some crypto companies already decided to stop their operation in Canada. The leading crypto exchange Binance is not the only one on the exit list, OKX, dYdX, and Paxos did the same thing to say goodbye to the Canadian market.
Driving crypto businesses away from the country will not bring good results in the long term when other countries are more than happy to welcome crypto businesses. Regulators see what's happening because of their actions and probably that's what they want.
Reference: 1
