Bybit Pauses Canadian Operations Amid Regulatory Changes, Joining Binance and OKX

Bybit Pauses Canadian Operations Amid Regulatory Changes, Joining Binance and OKX

Bybit, a cryptocurrency exchange, has announced its decision to “pause” its operations in Canada, citing recent regulatory changes. This move follows similar actions taken by Binance earlier this month and OKX in March, as tighter regulations have prompted several crypto firms to shut down their businesses in the country.

In recent months, Canada has implemented stricter measures on the crypto sector, including the introduction of a pre-registration process and the banning of leveraged trading. Bybit stated that its primary objective has always been to operate in compliance with the relevant rules and regulations in Canada. However, due to the recent regulatory developments, the company has made the difficult but necessary decision to suspend the availability of its products and services.

Starting from July 31, existing Canadian users of Bybit will no longer be able to make new deposits or enter into new contracts on the platform. However, they will still have the ability to withdraw their funds. Additionally, Bybit will no longer accept new registrations from Canadian residents and nationals.

Affected users have been advised to wind down their positions by September 30. Any open positions on margin products and derivative contracts after that date will be liquidated and made available for withdrawal.

This is not the first time Bybit has exited a market. In 2021, the exchange stopped serving clients in the United Kingdom to comply with a ban on crypto derivatives. Users from the United States are also blocked from accessing the platform. Furthermore, Bybit ceased derivatives trading in Brazil in September of last year after the country’s securities regulator imposed a ban on the platform.

Founded in 2018 and headquartered in Dubai, Bybit faced challenges during the crypto winter at the end of last year, leading to staff reductions. The company remains committed to navigating regulatory landscapes while continuing its operations in other jurisdictions.