New regulations in Canada have resulted in several companies working with cryptocurrencies having to cease operations there.
Bybit, a well-known crypto exchange, recently said they are taking a break in Canada. This is because the rules have changed there. Other companies like Binance and OKX have done the same before.
Why is Bybit leaving Canada?
In recent months, Canada has taken strict measures against the crypto sector, including implementing a pre-registration process and banning leveraged trading.
“It has always been Bybit’s primary goal to operate our business in compliance with all relevant rules and regulations in Canada,” Bybit said in a statement.
They added: “However, given recent regulatory developments, we have made the difficult but necessary decision to temporarily suspend access to our products and services.”
What does this mean for customers?
As of July 31, existing Canadian customers will no longer be able to make new deposits or enter into new contracts on the platform, according to Bybit. However, they still retain the ability to withdraw funds. In addition, the company does not accept new registrations from Canadian citizens or residents.
The company has advised affected clients to reduce their positions no later than September 30. After this date, all open positions on margined products and derivative contracts will be liquidated with the balance made available for withdrawal